Addison condo market suffers further setback
The market for condos in Addison slowed yet again during the third quarter. According to data from the Chicago Association of Realtors, a total of 23 condos were sold in the neighborhood during the third quarter.
This is a 36 percent drop from the same period last year and the second consecutive year that sales have declined in the neighborhood. It is also the lowest total for the quarter since 1997.
Declining sales in the area have led to an increase in the inventory of unsold condos sitting on the market. If you are selling your condo in Addison, it will now take you an average of 123 days to find a buyer. This is an increase of 53 days from last year, and could result in further pressure on prices in the area.
The average sales price has already fallen in the area. According to data from the C.A.R. report, the average sales price during the third quarter dropped by four percent from the same period in 2006.
Prices could continue to drop in the area, meaning more bargains for buyers on the market for quality Chicago Real Estate in Addison.
Technorati Tags: Addison Real Estate, Addison Condos For Sale, Chicago Real Estate report
