Prospect Heights condo market hits a new low
The real estate market in Prospect Heights is facing one of the slowest periods in recent memory. According to data from the Chicago Association of Realtors, a total of 20 condos were sold during the third quarter, a 41 percent drop from the same period last year. It is also the lowest sales total for the quarter in more than 16 years.
However, despite the drop in sales in the area, the average turnover time for condos on the market was also down. This is a sign that there were fewer condos for sale on the market in Prospect Heights. The average turnover time was down 14 percent from the same period last year, and now stands at 89 days.
The drop in inventory didn’t take pressure off of prices in the area. The average sales price during the third quarter was 16 percent lower than during the same period last year, and could continue to drop if demand doesn’t pick up any time soon.
However, in the meantime, buyers should continue to find incredible prices on condos around Prospect Heights. Take advantage of these great deals on Chicago Real Estate today.
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