Sales drop more than 50 percent in Wauconda
Sales plunged by more than 50 percent in Wauconda in 2007. The neighborhood was one of several in the Chicago
suburbs to suffer a dramatic drop in demand during the year.
According to data from the Chicago Association of Realtors, a total of 49 condos were sold in the neighborhood in 2007, down from 113 homes sold during the
previous year. It was the worst result for the neighborhood since 1994, and comes right on the heels of an all-time high for condos sold in 2006.
The drop in demand hasn’t translated into great deals for condos in Wauconda just yet. The average sales price rose by less than $300 during the year, the second
straight year of almost no change in prices in the neighborhood.
The drop in demand for condos in Wauconda also led to an increase in the amount of time it takes to find a buyer in the neighborhood. Condo owners and developers
waited an average of 107 days to find a buyer in 2007, up from 98 days a year ago. It’s the first time that the average turnover time has risen above the 100-day
barrier in more than a decade.
Rising inventory and slow demand could lead to lower prices in the neighborhood in the short term. Buyers looking for affordable Chicago Real
Estate should keep an eye out for deals on condominiums in Wauconda.
Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, Wauconda Condos For Sale
September 12th, 2010 at 11:58 am
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