Edison Park condo market at a glance
The market for condos in Edison Park is not among the most active markets around the city. However, sales have remained steady in Edison Park despite a general downturn in sales around Chicago.
According to data from the Chicago Association of Realtors, a total of 15 condos were sold during the third quarter, up from 13 units sold during the same period in 2006.
However, despite the slight increase in sales, the average turnover time for condos on the market jumped during the third quarter. If you’re selling your condo in Edison Park, you are facing a turnover time of 86 days. This is up from just 27 days a year ago and is the highest average turnover time for Edison Park since 1995.
As more sellers compete for the few buyers looking for a condo in the neighborhood, prices are starting to come down. The average sales price of condos sold during the third quarter plunged by 9 percent from the same period last year, and could continue to drop if demand doesn’t pick up in the short term.
Keep an eye out for great deals on Chicago Real Estate in Edison Park. Buyers could see excellent prices on condos in the area.
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