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Prices soar, sales plunge in Mt. Prospect

Prices for condominiums in Mt. Prospect jumped during the third quarter. However, higher prices in this Chicago suburb also led to fewer sales during the period.

According to data from the Chicago Association of Realtors, a total of just 53 condos were sold in Mt. Prospect during the third quarter, down from 102 units sold during the same period in 2006.

Prices in the area jumped during the third quarter. The average sales price during the period posted a 32 percent increase. This is one of the largest increases seen in any Chicago neighborhood.

Despite the drop in sales and rising prices for condos in Mt. Prospect, the inventory of condos for sale remained fairly steady. If you’re selling your condo in the neighborhood, it will now take you an average of 99 days to find a buyer, just 11 days longer than a year ago.

Buyers looking for great deals on Chicago Real Estate may not find what they’re looking for in Mt. Prospect. Prices could start to come down around the neighborhood if demand doesn’t pick up in the short term.

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This entry was posted on Thursday, January 31st, 2008 at 10:33 pm and is filed under Real Estate Agents . 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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