As demand for condominiums falls around the North Shore, even neighborhoods with few sales are seeing a decline in demand in recent months. Winnetka is one of the smallest markets for condominiums on the North Shore. Sales fell for the second straight year during the second quarter.

According to data from the Chicago Association of Realtors, a total of just 4 condos were sold during the second quarter in Winnetka. It was a 50 percent decline in sales from the same period a year ago, and the second straight year of falling demand in the neighborhood. The second quarter of 2006 was the best seen in more than 18 years for the market in Winnetka, with 11 units sold during the period.

The drop in sales has led to a marked increase in the average turnover time for condos on the market. If you’re planning on selling your condo in Winnetka, it will take you an average of 229 days to find a buyer, up from 49 days just a year ago. This is the longest that condo owners and developers have had to wait to find a buyer in more than 18 years.

However, despite the increase in the number of unsold condos on the market, prices skyrocketed during the second quarter. The average sales price was up by 20 percent from a year ago. However, this is more due to the increase in demand for the most luxurious North Shore Chicago Condos on the market, rather than a wholesale increase in real estate values.

Technorati Tags: North Shore Chicago Condos, Chicago Real Estate, Winnetka Condos For Sale

This entry was posted on Monday, October 6th, 2008 at 10:22 pm and is filed under Winnetka Real Estate(t) . You can leave a response.