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Mundelein condo sales hit new low

Sales of condominiums and lofts fell to their lowest level in several years around Mundelein. The neighborhood was one of the hardest hit by a downturn in the real estate market around Chicago during the first quarter.

According to data from the Chicago Association of Realtors, a total of just 18 condominiums were sold in the area during the first quarter, down from 28 units sold during the same period last year. It was the worst result for the condominium market in Mundelein since 1995, when just 15 units were sold during the quarter.

The drop in sales led to a sharp increase in the inventory of unsold condominiums in the area, which is leaving buyers with one of the slowest markets in recent memory. If you’re selling your condominium in Mundelein, it will now take you an average of 105 days to find a buyer, up from 71 days just a year ago. This is the first time in more than 18 years that the average turnover time has broken through the 100-day barrier.

All of these factors led to a drop in prices for condominiums around the neighborhood during the first quarter. The average sales price fell by 1 percent from a year ago, and buyers could continue to see even lower prices for Chicago Real Estate around the area in the short term.

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This entry was posted on Wednesday, July 2nd, 2008 at 11:57 pm and is filed under Condos . 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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