Condo Sales Plunge To New Low In Glenview
November 9th, 2008 by JakeSales of new and resale condos and lofts plummeted 40 percent during the third quarter in Glenview. The area was one of the hardest hit in recent months by the decline in demand for condos around the Chicago suburbs.
According to data from the Chicago Association of Realtors, a total of just 42 units were sold in Glenview during the third quarter, down from 70 units sold during the same period a year ago. It was well off the high of 108 condos sold during the third quarter of 2005, and the worst result seen in the neighborhood in the past 18 years.
A drop in prices wasn’t enough to get buyers back to the neighborhood during the third quarter. The average sales price fell by 11 percent from the same period last year, and could continue to fall as the inventory of unsold condos continues to increase.
If you’re planning on selling your condo in Glenview, it will now take you an average of 143 days to find a buyer, up from 111 days a year ago. Just three years ago the average turnover time for condos on the market was just 56 days. The increase in competition on the market could mean some great deals on North Shore Chicago Condos in Glenview.
Technorati Tags: North Shore Chicago Real Estate, North Shore Chicago Condos, Glenview Condos For Sale
Last 5 posts in Glenview Real Estate
- Sales of new construction homes rise nationwide - October 27th, 2008
- Suburban Chicago condo sales drop to 16-year low - October 20th, 2008
- Deals on single-family homes abound in Glenview - October 16th, 2008
- Condo sales, prices down around North Shore - October 13th, 2008
- Condo sales down 8 percent, prices plunge 17 percent in September - October 1st, 2008
