Condo sales in the Chicago suburbs plummeted for the second straight year. According to data from the Chicago Association of Realtors, a total of 2,730 condos and lofts were sold in the suburbs in 2007.

This represents a 45 percent drop in sales in just one year in the suburbs. It was the worst showing for the Chicago suburban condo market since 1995. The decline in demand led to the first drop in prices in more than 17 years in the Chicago suburbs.

The average sales price fell by 16 percent in 2007. Condos sold for an average of $159,775 during the year, the lowest average sales price for the suburban condo market since 2004.

There seems to be no end in sight in the short term for the decline in prices in the suburbs. Condo owners and developers are facing the longest average market time in recent memory around the region. According to the C.A.R. report, if you’re planning on selling your condo, it will now take you an average of 128 days to find a buyer, up from 107 days a year ago.

However, buyers looking for a great deal on Chicago Condos For Sale around the suburbs could start to get back in the market, driving up demand in the area.

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This entry was posted on Friday, May 9th, 2008 at 10:53 pm and is filed under Deerfield(t) . You can leave a response.