West Ridge condo sales rise 23 percent on lower prices
West Ridge was one of just a few neighborhoods to see a rise in sales of condos and lofts during the second quarter. Sales were up by 23 percent in the neighborhood, an impressive result and great news for condo owners and developers.
According to data taken from the MLS for the second quarter, a total of 211 condos were sold during the period, up from 172 units sold during the same quarter last year. When compared to the first quarter, the rise in sales is even more notable. Only 63 condos were sold in West Ridge during the first quarter.
Lower prices may have helped spur demand to a new high for the year. Prices were down by 41 percent from the same period last year, as condo owners and developers looked to sell their units as quickly as possible. A year ago, the average sales price stood at $224,581. However, today it is just $132,425, an affordable price for many buyers.
Sales of one-bedroom units soared during the second quarter, up more than 500 percent from a year ago. A total of 158 units were sold in West Ridge. Buyers on the market for larger condos are seeing lower prices and fewer sales, however. Keep an eye out for great deals on Chicago Real Estate in the neighborhood.
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