Condo Sales Down 8 Percent, Prices Plunge 17 Percent In September

October 1st, 2008 by Jake

Sales of new and resale condominium fell in September around the North Shore. It was the second straight year of declining sales in the neighborhood. Prices plunged more than 17 percent as demand for the most expensive units dropped during the month.

According to data from the Chicago Association of Realtors, a total of 124 condominiums were sold during September around the North Shore, down from 136 units sold during the same period last year. However, the drop in sales was much less pronounced than a year ago, when sales were off by 32 percent.

Demand for the most affordable units soared during the quarter. 60 units were sold for less than $250,000 in September, up from 44 units sold in that price range a year ago. Demand for the condos priced over $1 million fell by nearly 50 percent during the month, with just 6 units sold in that price range.

The drop in demand for the highest priced condominiums led to a pronounced drop in the average sales price during the month. The average sales price in September reached $308,010, down 17.2 percent from the same period a year ago. This is good news for homeowners and developers with affordable North Shore Chicago Condos on the market.

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