Highwood has seen an increase in condo sales over the past few years as new developments are built in the neighborhood. However, the neighborhood remains one of the smallest markets for new condos on the north shore.

According to the most recent report from the Chicago Association of Realtors, only four condominiums were sold during the third quarter, three more than the same period last year.

Perhaps more telling for the Highwood market is the recent jump in the average turnover rate for condos on the market. According to the C.A.R. report, condo owners and developers are facing one of the longest turnover rates in years. It now takes an average of 141 days to sell a condo in Highwood, the longest turnover rate since 1993. It is also a 57 percent jump from last year.

The increase in the unsold inventory of condos on the market in Highwood may have led to a decrease in sales prices around the city during the third quarter. The average sales price dropped 6 percent, and now stands at $527,650.

Buyers should be able to find some excellent deals on some of the best Chicago Real Estate in Highwood if condos continue to sit on the market.

Technorati Tags: Chicago Real Estate, Highwood Real Estate Report, Chicago Condos, North Shore Condos

This entry was posted on Tuesday, November 13th, 2007 at 9:59 am and is filed under Highwood(t) , Highwood Real Estate(t) . You can leave a response.