Sales of condominiums and lofts fell 45 percent during the second quarter in Deerfield. It was the third straight year that sales have fallen in the area during the second quarter.

According to data from the Chicago Association of Realtors, a total of 18 condominiums and lofts were sold during the second quarter, down from 33 units sold during the same period last year. It was the worst result for the real estate market in Deerfield in more than 17 years.

However, low sales could mean more deals for buyers still looking for a condominium in Deerfield. The average sales price fell by 13 percent during the second quarter, and could continue to drop as the inventory of unsold units rises. It was the second straight year of lower prices during the second quarter, after hitting a high of nearly $331,000 in 2006.

The average turnover time for condominiums on the market in Deerfield skyrocketed during the second quarter. If you’re planning on selling your condominium, it will now take you an average of 163 days to find a buyer, nearly double the time it took a year ago. Buyers looking for great deals on North Shore Chicago Condos could start seeing some low prices around Deerfield.

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This entry was posted on Wednesday, August 27th, 2008 at 10:33 pm and is filed under Deerfield Real Estate(t) . You can leave a response.