The real estate market in Deerfield has recently experienced a drop in condo sales to levels not seen since 1995.

According to the most recent report from the Chicago Association of Realtors, the number of Deerfield condos sold during the third quarter dropped to 20. This is more than 50 percent less than the same period last year, and one of the lowest third quarter totals seen in years in Deerfield.

However, condo owners can rest assured that the inventory of condos on the market in Deerfield is decreasing, taking some strain off the market. Despite the drastic drop in total sales during the third quarter, the turnover rate for condos on the market decreased by 10 percent in the city.

If you own a condo in the neighborhood, it will now take you 66 days to find a buyer, a relatively short time when compared to other cities on the north shore - the turnover rate in Evanston is at 129 days, almost double the rate in Deerfield.

The average price for a Deerfield condo dropped 2 percent during the quarter, showing that condo values may have reached their peak in the neighborhood.

Keep up with the latest news for Chicago Real Estate and stay on top of market conditions in your neighborhood.

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

This entry was posted on Friday, October 19th, 2007 at 5:17 am and is filed under Deerfield(t) , Deerfield Real Estate(t) . You can leave a response.