Condo prices continued to rise in Wilmette. The average sales price during the third quarter rose by three percent from the same period last year and now stands at $399,214, according to data from the Chicago Association of Realtors.

However, increasing prices in the area may have put a brake on demand for condos. A total of 14 condos were sold during the third quarter, a 46 percent drop from the same period last year and the lowest total for the quarter in more than 16 years.

Fewer sales meant longer waits for condo owners looking to sell their property in Wilmette. If you’re selling your condo, it will now take you an average of 134 days to find a buyer, a 44 percent jump from last year.

If demand continues to drop and the supply of unsold condos on the market jumps, then many sellers may be forced to offer a lower asking price to attract new interest. With prices dropping in many neighborhoods around the Chicago region, this may be the moment for buyers looking for great deals on Chicago Condos in Wilmette.

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This entry was posted on Sunday, December 23rd, 2007 at 10:41 pm and is filed under Wilmette Real Estate(t) . You can leave a response.