Sales of condominiums and lofts in the upmarket area of Highland Park slowed to a new low during the second quarter. Sales were off by more than 70 percent from the same period last year.

According to data from the Chicago Association of Realtors, a total of just 8 new and re-sale condominiums were sold during the second quarter, down from 28 units sold during the same period a year ago. The second quarter of 2006 had the most sales in recent years, with 40 units sold between April and June. It was the first time in nearly 20 years that sales dropped into single digits in the neighborhood.

However, despite the dramatic drop in demand, the market showed some signs of strength. Buyers focused on the most expensive condominiums for sale in Highland Park, bringing the average sales price up by an impressive 25 percent during the second quarter. Also, the inventory of unsold condominiums fell.

If you’re thinking of selling your North Shore Chicago Condominium in the area, it will now take you an average of 96 days to find a buyer. However, the most expensive units will probably attract the most attention from buyers in the area. Last year it took an average of 172 days to find a buyer.

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This entry was posted on Friday, August 15th, 2008 at 5:00 pm and is filed under Highland Park Real Estate(t) . You can leave a response.