Sales of condominiums strong in West Lawn
Sales of condominiums and lofts in West Lawn remained strong in 2007, despite a general downturn in the Chicago real estate market. According to data from the Chicago Association of Realtors, a total of 30 condominiums and lofts were sold in the neighborhood during the year.
This is a slight increase from 2006, when 28 units were sold in the neighborhood. It is the second highest total annual sales seen in the neighborhood in more than 16 years.
Condo owners and developers saw a marked improvement in market conditions in the neighborhood. The average turnover time for homes sold in 2007 fell to 119 days. This is a 23 percent drop from the all time high of 154 days seen during 2006.
The strong market conditions in West Lawn helped keep prices in positive territory in 2007. The average sales price posted a 9 percent increase from the previous year. However, with prices averaging $131,404, the neighborhood continues to offer an affordable option for buyers looking for their first condominium.
Browse through the best Chicago Real Estate in West Lawn and other neighborhoods around the city today.
Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, West Lawn Condominiums
