Sales continue to rise in Bourbonnais
While many neighborhoods around the greater Chicagoland region have seen a sharp drop in sales of condos and lofts, there are still some areas in the city that are experiencing a jump in demand.
One Chicago suburb that has seen a recent increase in demand is Bourbonnais. This traditionally small market saw sales cross into double digits in 2006, when 15 condos and lofts were sold. According to data from the Chicago Association of Realtors, a total of 18 units were sold in 2007, an increase of 20 percent.
However, despite the increase in sales in the neighborhood, there are still an increasing number of condos and lofts available for sale around Bourbonnais. If you are selling your condo in the area, it will now take you an average of 105 days to find a buyer, up from 79 days a year ago. This is the second longest average turnover time seen in the area in more than 16 years.
The increase in demand has also helped prices remain in positive territory. The average sales price for condos and lofts sold in 2007 was 17 percent higher than prices seen in 2006. However, if the supply of condos on the market continues to increase, buyers could start to see prices level off for Chicago Real Estate in Bourbonnais.
Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Bourbonnais Real Estate Market
