Condo sales stall in Grand Boulevard
Grand Boulevard saw a large drop in sales of condominiums during the third quarter, according to a recent report from the Chicago Association of Realtors.
A total of 70 condominiums were sold during the third quarter in the Chicago neighborhood, a 38 percent drop from the same period last year and the lowest total for the quarter in three years.
Condo owners and developers looking to sell a property in the area are facing an increasingly difficult market. If you’re currently selling your condominium in Grand Boulevard, it will now take you an average of 148 days to find a buyer, a 28 percent increase from last year.
The decline in sales in the neighborhood has also started to put a strain on prices in the neighborhood. The average sales price rose just 2 percent during the third quarter, one of the smallest increases since 2002.
Buyers could start to see lower prices for condominiums in Grant Boulevard over the next few months if the demand in the area doesn’t rebound. Keep up to date on the most recent market conditions and find incredible deals on great Chicago Real Estate in the neighborhood.
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