Steady sales in Irving Park
Condo sales were steady during the third quarter in Irving Park. Despite a drop in sales across the city, the neighborhood saw a slight increase.
According to recent data from the Chicago Association of Realtors, a total of 113 condos were sold in the neighborhood during the third quarter, up from 111 during the same period in 2006. It is still well above the average sales seen during the quarter over the last 10 years.
However, condo owners and developers are facing increasing competition on the market. If you’re selling your condo in Irving Park, it will now take you an average of 144 days to find a buyer, an increase of 62 days from last year. The dramatic increase in the turnover time is indicative of a rise in the inventory of units on the market.
This may have led to a stagnation of prices in the area. The average sales price for condos around Irving Park dropped by less than $1,000, and now stands at $252,546.
Buyers could continue to see prices drop in the neighborhood, particularly if demand doesn’t pick up in the near future. With such a pronounced increase in the inventory of condos on the Chicago Real Estate market, sellers will have to offer special deals to attract more interest to the area.
Technorati Tags: Irving Park Real Estate, Chicago Condos For Sale, Chicago Real Estate
September 12th, 2010 at 1:45 am
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