Prices for condominiums in Lake Forest fell by six percent during the third quarter, the second consecutive year that prices have dropped in the area.

According to the most recent report from the Chicago Association of Realtors, the average sales price for condos during the third quarter stood at $436,863, nearly $80,000 less than just two years ago.

The market has also seen a large drop in condos for sale in Lake Forest. Many condo owners may be waiting for prices to rise before selling. According to the C.A.R. report, the turnover time in the area dropped to 43 days in the area. This is a 64 percent drop from last year.

However, the decline in the average turnover time didn’t come about as a result of higher sales in the neighborhood. Only 11 condominiums were sold during the third quarter, the second consecutive year that sales have declined in the area.

Buyers may continue to see lower prices if demand for condos in the area doesn’t pick up in the short term. Browse through some of the best new North Shore Chicago Condos today and find the right home for you and your family.

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This entry was posted on Wednesday, November 28th, 2007 at 5:45 pm and is filed under Lake Forest Real Estate(t) . You can leave a response.