Sales of condominiums and lofts hit an 8-year low during the first quarter. The neighborhood was one of several around the North Shore to see a drop in sales during the quarter.

According to data collected from the MLS for the first quarter, a total of just 13 units were sold around Highland Park, down from 19 units sold during the same period last year. It was the worst result for the quarter since 2000, when just 10 units were sold.

Buyers focused on the most expensive units in the city during the first quarter. The average sales price jumped by 60 percent from the same period last year as the most popular condos were sold for nearly $1 million in the area.

However, with an average turnover time that has doubled, many sellers may be forced to offer deals on condominiums in the area. If you’re selling your condominium in Highland Park, it will now take you an average of 251 days to find a buyer, up from 119 days a year ago.

If demand doesn’t pick up in the short term for condominiums on the lower end of the market, buyers could start to see selected deals on North Shore Chicago Condos For Sale in Highland Park.

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This entry was posted on Wednesday, May 14th, 2008 at 1:33 pm and is filed under Highland Park Real Estate(t) . You can leave a response.