Edgewater condo sales fall for third straight year
Sales of new and resale condominiums fell for the third straight year in Edgewater during the third quarter. The neighborhood was one of many around the city to see a further drop in demand during the quarter.
According to data from the Chicago Association of Realtors, a total of just 191 condos were sold in the neighborhood during the third quarter, down from 247 condos sold during the same period a year ago. The high point for the neighborhood was seen in 2005, with 360 condos sold during the third quarter.
The drop in sales led to an increase in the number of unsold condos sitting on the market around Edgewater. If you’re planning on selling your condo, it will now take you an average of 143 days to find a buyer, down from 118 days a year ago. This is the longest average turnover time seen in more than 18 years in the neighborhood.
The rising inventory of unsold condos on the market has led to an end in the constantly climbing average sales price in the area. Prices were steady in Edgewater during the third quarter, rising just $1,000 to $255,574. However, buyers could start to see a drop in prices for Chicago Real Estate in the neighborhood if demand doesn’t increase in the short term.
Technorati Tags: Chicago Condos, Chicago Real Estate, Edgewater Real Estate

























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