Sales of condominiums and lofts fell for a third straight year during the second quarter. Sales reached their lowest point in more than 17 years in the North Shore neighborhood.

According to data from the Chicago Association of Realtors, a total of just 46 condominiums were sold in Glenview during the second quarter, down 30 percent from the same period last year.

The average sales price rose after falling sharply last year. The average sales price jumped by 25 percent to sit at $383,380, an all time high for the neighborhood. Last year the average sales price fell to its lowest point since 2005, reaching $306,992. However, the rise in the average sales price was caused by high demand for the most expensive units in Glenview, rather than a wholesale increase in values of condominiums in the area.

If you’re planning on selling your condominium in Glenview, you’ll have to wait a lot longer than you may have expected. It now takes an average of 157 days to find a buyer, up from 120 days a year ago. This is the longest average turnover time in more than 17 years for the neighborhood. This could mean great deals on North Shore Chicago Condos in the area in the next few months.

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This entry was posted on Monday, August 25th, 2008 at 7:31 pm and is filed under Glenview Real Estate(t) . You can leave a response.