Fewer sales and falling prices characterized the Rolling Meadows condo market during the first quarter. The neighborhood was one of the majority of Chicago neighborhoods to experience a drop in demand.
According to the Chicago Association of Realtors, a total of just 17 condominiums were sold in the area during the first quarter, down more than 50 percent from the 35 units sold during the same period in 2007. It was the worst result for the real estate market in Rolling Meadows since 1992 during the first quarter.
It comes as no surprise that prices are starting to fall as well around the area. The average sales price was down by 7 percent during the first quarter, and could continue to fall as the inventory of unsold condos on the market increases. If you’re selling your condominium in the area, you will need a lot of patience. It now takes an average of 134 days to find a buyer, up from 121 days a year ago.
Buyers should stay on the lookout for falling prices for Chicago Real Estate around Rolling Meadows, as well as in many other neighborhoods across the Chicagoland region that have been hit hard by the recent downturn in the market.