Hyde Park condo sales fall to 12 year low
Sales of new and resale condominiums and lofts fell to a 12-year low in Hyde Park during the third quarter. The neighborhood was one of many around Chicago to see a continued drop in demand during the quarter.
According to data from the Chicago Association of Realtors, a total of just 69 condominiums and lofts were sold in the neighborhood during the third quarter, down from 106 units sold during the same period a year ago. It was the third straight year of declining sales in Hyde Park.
The drop in sales led to a marked increase in the average turnover time as well as a slight drop in prices around the neighborhood. The average sales price was down by 8 percent from the same period last year, and could continue to drop as the number of unsold condos on the market continues to grow in Hyde Park.
If you’re thinking of selling your condo in the area, it will now take you an average of 169 days to find a buyer, up from 99 days just a year ago. This is one of the longest turnover times seen in recent memory in the neighborhood. However, buyers could continue to see some great deals on some of the best Chicago Real Estate in Hyde Park in the next few months.
Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Hyde Park Condos For Sale
July 5th, 2010 at 1:10 pm
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