Condo sales soar on Near South Side
Sales of condominiums and lofts were up sharply during the second quarter on the Near South Side. The neighborhood was one of just a few to see stronger sales during the quarter.
According to data from the Chicago Association of Realtors, a total of 457 condos and lofts were sold on the Near South Side during the second quarter, the best result for the quarter in more than 18 years. Last year, a total of just 211 condos and lofts were sold during the same quarter.
Buyers were more than happy to pay the high prices seen on the Near South Side during the second quarter. The average sales price soared to $534,866, well above any level seen in the past few years. Last year the average sales price stood at just $379,484.
The increase in sales also helped take some pressure off the entire market. Condo owners and developers saw a decrease in the average turnover time for the first time since the beginning of the decade. If you’re looking to sell your condominium in the area, it will now take you an average of 144 days to find a buyer, more than 50 days quicker than last year.
The market for Chicago Condos on the Near South Side may be one of the first to show signs of a comeback for the entire city.
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