Northbrook Condo Market Update
Wednesday, October 31st, 2007 by JakeThe Northbrook real estate market is seeing a slight correction as prices drop and demand returns to historic levels in the neighborhood.
According to the Chicago Association of Realtors, the number of condos sold in the neighborhood dropped to 56, a 30 percent drop from two years ago. However, total sales are right in line with the average for the third quarter in the neighborhood.
However, this isn’t good news for condo owners and developers who have their property on the market. If you’re selling your condominium in Northbrook, it will take you an average of 145 days to find a buyer. This is the longgest turnover time that the neighborhood has seen since 1993 and a 79 percent increase over last year.
Buyers should start to see better prices in Northbrook if the inventory of unsold condos sits on the market longer. The average sales price for the neighborhood has already dropped by 3 percent during the third quarter.
Demand could continue to drop in the neighborhood if buyers continue to face more stringent requirements from banks and lenders for new mortgages.
However, if you’re in the market and looking for a good deal on Chicago Real Estate, Northbrook is an excellent choice.
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