Portage Park Real Estate Update
Portage Park is one Chicago neighborhood that has enjoyed a strong increase in sales of condominiums and lofts. While the neighborhood isn’t one of the largest markets in the city, it has seen sales double in the last few years.
According to data from the Chicago Association of Realtors, sales of condominiums in Portage Park were down in 2007. A total of 101 condominiums were sold during the year, down from 144 units sold in 2006. However, it is still the second highest total sales seen in the neighborhood in at least 16 years.
However, new condo developments in the area are leading to a sharp increase in the supply of unsold condominiums on the market. The average turnover time for units sold in 2007 rose to 106 days, up from 56 days during the previous year.
The rising supply of condominiums for sale in the neighborhood has led to a decline in prices as condo owners and developers look to attract new interest. The average sales price in 2007 fell by 8 percent from the previous year, and could continue to drop until demand recovers in the area.
Buyers on the market for affordable Chicago Real Estate should keep an eye out for great deals in Portage Park.
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