Kenwood condo market falters
Sales of condos in Kenwood were down again during the third quarter. According to the Chicago Association of Realtors, the number of condos sold dropped by 10 percent.
A total of 52 units were sold during the quarter, the lowest for the period since 2003.
If you’re selling your condo in Kenwood, you are facing one of the most difficult markets that the area has seen in recent years. According to the C.A.R. report, it now takes an average of 154 days, or 5 months, to find a buyer in the area. This is a 31 percent increase from last year, and the longest turnover time since 1991.
As sales slow and the unsold inventory of condos sits longer on the market, many sellers are offering incentives. The average sales price during the third quarter stood at $270,671, a seven percent drop from last year.
Prices may need to come down even more in Kenwood to attract more interest from buyers. If you’re on the market for a great deal on Chicago Real Estate, check out what’s available in Kenwood. Be on the lookout for even lower prices for condos in this popular Chicago neighborhood.
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