Sales of condos were down 13 percent in Deerfield during 2007, according to data from the Chicago Association of Realtors.

According to the report, a total of 110 condominiums and lofts were sold in the neighborhood during the year, down from 126 condos sold in 2006. Demand was down in the neighborhood despite lower prices for condos.

The average sales price for condos sold during the year fell by 7 percent in 2007. This is the first time that prices have fallen in the neighborhood in 1996, and represents the lowest average sales price in three years in Deerfield.

Prices could continue to drop even more in the neighborhood as the inventory of unsold condos on the market rises. The average turnover time for condos sold during 2007 rose to 100 days, the longest in more than 16 years.

If demand for condos and lofts around Deerfield doesn’t increase in the short term, buyers could see even better deals for real estate in this popular north shore neighborhood. Keep an eye out for incredible deals for condos and lofts in Deerfield.

Buyers in many other areas are also starting to see great prices on North Shore Chicago Condos For Sale.

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

This entry was posted on Monday, April 21st, 2008 at 2:51 pm and is filed under Deerfield Real Estate(t) . You can leave a response.