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Sales reach six year low in Edgewater

Sales of condominiums in Edgewater are starting to cool after five years of four-digit results in the neighborhood. According to the Chicago Association of Realtors, a total of 902 condos were sold in the neighborhood in 2007, down from 980 units sold during 2006.

Prior to 2006, the neighborhood saw four consecutive years with sales above the 1000-unit mark.

The declining demand in the area has led to a slight increase in the average turnover time for units on the market. Condo owners and developers who sold their unit in 2007 had to wait an average of 122 days to find a buyer, up from 111 days in 2006. It is the fourth consecutive year that the average turnover time has been above 100 days in the neighborhood.

Prices are still rising in the neighborhood, but at a much slower rate than in previous years. The average sales price rose by just one percent in 2007. If demand doesn’t increase in the short term, buyers could start to see excellent deals for condos and lofts around Edgewater, particularly from owners facing financial difficulties.

Keep alert for great prices for Chicago Real Estate around Edgewater as well as many other neighborhoods across the city.

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This entry was posted on Wednesday, April 2nd, 2008 at 11:33 pm and is filed under Real Estate Agents . 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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