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Oak Park condo sales plunge during first quarter

Oak Park is home to a number of luxury condominiums at an affordable price. However, the area has seen a drop in sales during the past few months. Sales of new and re-sale condominiums were down more than 50 percent during the first quarter.

According to the Chicago Association of Realtors, a total of just 45 condominiums and lofts were sold in Oak Park during the first quarter, down from 99 units sold during the same period a year ago. It was the third straight year that sales have fallen in the neighborhood, after hitting a high of 112 condominiums sold in 2005. It was also the worst result for the neighborhood since 1995.

Homeowners and developers are facing one of the slowest markets in recent memory in Oak Park. If you’re selling your condo in the neighborhood, it will now take you an average of 192 days to find a buyer, up from 157 days a year ago.

Rising numbers of unsold homes on the market led to a marked drop in prices around the area. The average sales price fell by an impressive 24 percent, and could continue to drop in the short term. If you’re on the market for affordable Chicago Real Estate, Oak Park is a great choice.

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This entry was posted on Wednesday, July 9th, 2008 at 6:01 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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