Sales plunge in Des Plaines
The Chicago condo market suffered a significant drop in sales during 2007. Des Plaines was no exception. The neighborhood had one of the worst years in over a decade.
According to data from the Chicago Association of Realtors, a total of just 460 condos were sold during the year in Des Plaines. This is a 34 percent drop in sales from the previous year, and the poorest showing for the market in more than 16 years.
The significant drop in demand in the area led to an increase in the number of unsold condos sitting on the market. Condo owners and developers in Des Plaines waited an average of 125 days to find a buyer, the first time that the average turnover time broke through the 100-day barrier in more than 16 years in the neighborhood.
However, lower prices for condos in Des Plaines could help the market get back on track in the short term. The average sales price fell four percent during 2007, and could fall even lower during the first part of 2008 as sellers look to unload their property. If you’re on the market for affordable Chicago Real Estate, keep an eye on prices for condos around Des Plaines.
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