Sales hit 6-year low in Irving Park

Sales of new and resale condominiums fell sharply during the third quarter in many neighborhoods around Chicago. One area that was one of the hardest hit during the quarter was Irving Park. Sales fell to a 6-year low in the neighborhood.

According to data from the Chicago Association of Realtors, a total of 48 condos and lofts were sold in Irving Park during the third quarter, down from 113 units sold during the same period a year ago. The drop in demand for condos in Irving Park helped bring prices in the area down during the third quarter.

The average sales price fell by 2 percent from the same period a year ago during the third quarter. Prices for condos in Irving Park could continue to fall in coming months if demand doesn’t pick up in the short term. The market is seeing an increase in the number of unsold condos.

If you’re planning on selling your condo in Irving Park, it will now take you an average of 190 days to find a buyer. The average for the entire Chicago Real Estate market is 123 days, putting the neighborhood among the slowest markets in the city.

Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, Irving Park Condos

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This entry was posted on Monday, October 27th, 2008 at 9:55 pm and is filed under Condos(t) . 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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