Oswego condo sales reach five-year low
After some of the best results in years, sales finally pulled back in Oswego. The Chicago suburb saw a record number of condos sold during the first quarter 2007, with a total of 53 units changing hands during the period.
However, according to data from the Chicago Association of Realtors, sales fell to a five-year low during the first quarter this year. According to the report, a total of just 29 units were sold during the first quarter in Oswego.
The drop in sales led to one of the slowest markets that Oswego condo owners have seen in many years. If you’re selling your condo in the area, it will now take you an average of 132 days to find a buyer, up from 76 days just a year ago. This is the first time that the average turnover time has surpassed the 100-day barrier in the city since 1996.
The increasing inventory of unsold condos on the market is leading to lower prices for units in Oswego. The average sales price fell by an impressive 10 percent from the same period last year, and could continue to fall even further if demand for Chicago Real Estate in the area doesn’t increase in the short term.
Technorati Tags: Chicago Real Estate, Oswego Condos For Sale, Chicago Condos For Sale
September 12th, 2010 at 2:14 pm
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