October 24th, 2008
Sales of new and resale condominiums and lofts fell to a 12-year low in Hyde Park during the third quarter. The neighborhood was one of many around Chicago to see a continued drop in demand during the quarter.
According to data from the Chicago Association of Realtors, a total of just 69 condominiums and lofts were sold in the neighborhood during the third quarter, down from 106 units sold during the same period a year ago. It was the third straight year of declining sales in Hyde Park.
The drop in sales led to a marked increase in the average turnover time as well as a slight drop in prices around the neighborhood. The average sales price was down by 8 percent from the same period last year, and could continue to drop as the number of unsold condos on the market continues to grow in Hyde Park.
If you’re thinking of selling your condo in the area, it will now take you an average of 169 days to find a buyer, up from 99 days just a year ago. This is one of the longest turnover times seen in recent memory in the neighborhood. However, buyers could continue to see some great deals on some of the best Chicago Real Estate in Hyde Park in the next few months.
Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Hyde Park Condos For Sale
Posted in Condos(t) | No Comments »
October 23rd, 2008
Foreclosures continued to plague real estate markets around the country during September. According to RealtyTrac, an online real estate firm, a total of 81,312 homes were foreclosed during the month.
Foreclosure filings were up as well, showing a 21 percent increase from the same period last year, but was slightly lower than the number of foreclosure filings seen in August. August foreclosure filings were at an all time high. However, foreclosure filings were off by 12 percent during September with a total of 265,968 filings sent out to delinquent borrowers during the month.
Lawmakers have been working around the country to provide some relief to distressed homeowners facing foreclosures in recent months. The increase in foreclosures has led to blight in the most affected neighborhoods as well as a decline in prices for properties located nearby. Homeowners are competing with foreclosed homes priced well below the current market value, leaving many people with a loan valued higher than the home.
However, buyers are currently enjoying some great deals on homes, including single-family homes and condos around the Chicago Real Estate market. If you’re on the market for a condo or home in Chicago, browse through the best available units today.
Technorati Tags: Chicago Foreclosures, Chicago Real Estate, Chicago Homes For Sale
Posted in Condos(t) | No Comments »
October 22nd, 2008
Sales of new and resale condominiums fell for the third straight year in Edgewater during the third quarter. The neighborhood was one of many around the city to see a further drop in demand during the quarter.
According to data from the Chicago Association of Realtors, a total of just 191 condos were sold in the neighborhood during the third quarter, down from 247 condos sold during the same period a year ago. The high point for the neighborhood was seen in 2005, with 360 condos sold during the third quarter.
The drop in sales led to an increase in the number of unsold condos sitting on the market around Edgewater. If you’re planning on selling your condo, it will now take you an average of 143 days to find a buyer, down from 118 days a year ago. This is the longest average turnover time seen in more than 18 years in the neighborhood.
The rising inventory of unsold condos on the market has led to an end in the constantly climbing average sales price in the area. Prices were steady in Edgewater during the third quarter, rising just $1,000 to $255,574. However, buyers could start to see a drop in prices for Chicago Real Estate in the neighborhood if demand doesn’t increase in the short term.
Technorati Tags: Chicago Condos, Chicago Real Estate, Edgewater Real Estate
Posted in Condos(t) | No Comments »