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First quarter condo sales down in Edison Park

Sales of condominiums and lofts fell for the second straight year in Edison Park during the first quarter. The neighborhood was one of many around the Chicago region to see a continuing decline in demand for multi-family units in recent months.

According to data from the Chicago Association of Realtors, a total of just 7 condominiums were sold in the neighborhood during the first quarter, representing a 50 percent decline in demand from the same period last year, when 14 condominiums were sold. It was the worst result for the quarter since 2003.

The drop in demand was accompanied by a significant rise in the amount of time condo owners wait to find a buyer in the neighborhood. If you’re selling your condominium in Edison Park, it will now take you an average of 211 days to find a buyer, nearly three times the days it took to find a buyer a year ago.

Prices have begun to fall for condominiums in the neighborhood. The average sales price for units sold during the first quarter fell by one percent from last year, and buyers could continue to see even lower prices for Chicago Real Estate in Edison Park.

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This entry was posted on Tuesday, June 24th, 2008 at 5:44 pm and is filed under Real Estate Agents . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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