Uptown condo market at a glance
The numbers are in for a year and the market for condos in Uptown continued to see a decline in demand.
According to the Chicago Association of Realtors, a total of 992 condos and lofts were sold in the neighborhood during 2007. This is an 8 percent drop in sales from 2006, and the third consecutive year that sales have dropped in the neighborhood.
The drop in demand in Uptown has led to a longer average turnover time for condos on the market. If you’re thinking of selling your condo in the neighborhood, it will now take you an average of 132 days. This is a 32 percent increase in the turnover time for units on the market from 2006.
The drop in demand and the rising inventory of unsold condos on the market has led to the first drop in prices in 14 years. The average sales price dropped by one percent during 2007, and could continue to drop further if demand doesn’t recover in the short term.
However, this could be good news for buyers looking for great deals on Chicago Real Estate around Uptown. Keep an eye out for falling prices for condos in Uptown.
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