Condo sales soar in Mount Greenwood
The real estate market in Mount Greenwood seems to be headed in the opposite direction of most other neighborhoods in Chicago. The area has seen a strong increase in demand for both single-family homes and condominiums.
According to data from the Chicago Association of Realtors, a total of 25 condos were sold in the neighborhood in 2007. This is a 250 percent increase in sales from the previous year, and the second highest total sales seen in the neighborhood in 17 years.
Condo owners and developers continue to enjoy one of the quickest market times for units in Mount Greenwood. The average turnover time for units sold during the year was 69 days. While this is nearly 50 days longer than the average turnover time seen in 2006, it is still a strong result for the market.
High demand and an agile market supply led to yet another increase in prices. The average sales price for condos in Mount Greenwood rose by 2 percent, and now stands at an all time high of $156,454.
Buyers looking for an affordable condominium in a hot neighborhood should keep an eye on Chicago Real Estate in Mount Greenwood.
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