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Condo sales in Aurora hit 5-year low

Condo sales in Aurora were down during the third quarter.  A total of 224 condos were sold during the quarter, the lowest total for the city during the third quarter since 2002.

Condo owners and developers are facing a difficult market when it comes time to sell their property.  The turnover time for condos in the Aurora area was up 65 percent to 99 days during the third quarter.  It is the longest turnover time the neighborhood has seen since 1994.

With so many unsold units sitting on the market, it is no surprise that the average sales price is starting to drop in the neighborhood.  According to the C.A.R. report, the average sales price for condos in Aurora stood at $172,269, a 6 percent drop from last year.

It is a buyers market in Aurora.  Buyers should negotiate for a price that reflects current market conditions in the area and wait for the right deal.

If demand in Aurora and around the greater Chicagoland area continues to drop, buyers should continue to see excellent deals on Chicago Real Estate in neighborhoods all over the city.

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This entry was posted on Thursday, November 1st, 2007 at 7:54 am and is filed under Real Estate Agents . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

3 Responses to “Condo sales in Aurora hit 5-year low”

  1. Bank To Continue Where Neumann Homes Left Off | About Chicago Real Estate Says:
    November 8th, 2007 at 8:22 am

    […] The difficult market for Chicago Real Estate has claimed several victims, including homeowners caught with rising mortgage costs and banks and lenders shouldering the cost of rising foreclosures. […]

  2. South Lawndale Housing Update | About Chicago Real Estate Says:
    November 9th, 2007 at 6:30 am

    […] It’s no surprise that with the dramatic drop in demand and increasing inventory of unsold homes on the market that prices are retreating in the neighborhood.  The average sales price plummeted by almost 20 percent during the third quarter to stand at $166,250, one of the largest decreases in the Chicago Real Estate Market. […]

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