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First quarter sales hit 10-year low in Edgewater

Sales of condos and lofts in Edgewater slowed during the first quarter to a 10-year low, according to data from the Chicago Association of Realtors.

According to the report, a total of 145 units were sold in the neighborhood during the first quarter, down from 170 units sold during the same period last year. It is the third straight year of declining sales in the neighborhood, after reaching a high of 214 units in 2005.

The drop in demand for condos around the neighborhood led to a slight increase in the average turnover time for units on the market. It took condo owners and developers an average of 154 days to find a buyer during the first quarter, 7 days longer than during the same period last year. It is the longest turnover time seen during the first quarter in more than 16 years.

Prices were down across Edgewater during the first quarter, but it wasn’t enough to bring up demand in the neighborhood. The average sales price fell 5 percent from the same period last year, and now sits at $238,670, a three-year low. Buyers could continue to see even lower prices in the short term for Edgewater condos.

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This entry was posted on Monday, April 21st, 2008 at 2:51 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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