Logan Square condo market at a glance
Sales of condos in Logan Square were down for the second consecutive year. According to data from the Chicago Association of Realtors, a total of 179 condos were sold during the third quarter in the neighborhood.
This is a 10 percent decline from the same period last year and is the lowest total for the quarter since 2003.
As sales in the area dropped, the inventory of unsold condos on the market continued to rise. If you are selling your condo in Logan Square, it will now take you an average of 111 days to find a buyer, up from 89 days just one year ago. This is the first time that the average turnover time has hit more than 100 days since 1997.
Meanwhile, the drop in sales and rising competition amongst sellers hasn’t led to lower prices in the neighborhood just yet. The average sales price during the third quarter was three percent higher than during the same period last year.
Buyers looking for Chicago Real Estate in Logan Square should negotiate for a price that reflects current market conditions. Don’t get caught at the peak of the market.
Technorati Tags: Logan Square Real Estate Market, Chicago Condos, Chicago Real Estate
