Washington Park real estate update
Sales of condos and lofts around Chicago are down, as buyers wait for more stable market conditions. Washington Park was no exception. The neighborhood saw its second straight year of declining sales during the first quarter.
According to data from the Chicago Association of Realtors, a total of 31 units were sold in the neighborhood during the first quarter, down from 35 sold during the same period last year. However, this is still the third best result for the market during the first quarter in the past 16 years.
Buyers are starting to see lower prices for condominiums around Washington Park. According to the C.A.R. report, prices in Washington Park fell by 14 percent during the first quarter. However, if demand remains steady, prices could start to level off in the next few months.
Condo owners and developers are seeing a drop in the average market time for units for sale in Washington Park. If you’re selling your condo in the area, it will now take an average of 123 days to find a buyer, down from 161 days a year ago. This will take some pressure off the downward movement of prices for Chicago Condos For Sale around Washington Park.
Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Washington Park Condos For Sale
September 12th, 2010 at 8:07 am
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