Sales of condominiums and lofts reached a new low during the first quarter in Deerfield. The neighborhood was one of several to be hit hard by falling demand.

According to data from the Chicago Association of Realtors, a total of just 15 condominiums were sold around the neighborhood during the first quarter, down from 28 units sold during the same period in 2007. It was the worst result for the Deerfield real estate market since 1997, when just 12 units were sold.

However, the drop in sales didn’t lead to a big increase in the inventory of unsold condominiums sitting on the market in the area. Condo owners and developers are seeing an average turnover time of 137 days, up from 121 days a year ago.

The relatively stable inventory numbers for the real estate market in Deerfield helped keep prices in positive territory during the first quarter. The average sales price was up by 5 percent from the same period in 2007, and could continue to rise in the short term if demand levels off.

Buyers could start to see some good deals on certain North Shore Chicago Condos For Sale around Deerfield, but in general prices should remain fairly steady.

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This entry was posted on Thursday, June 26th, 2008 at 4:01 pm and is filed under Deerfield Real Estate(t) . You can leave a response.