If you’re in the market for a condo in Lake Bluff, keep up with the latest news and statistics coming out of the market in the area to make the best decision for you and your family.

According to a recent report from the Chicago Association of Realtors, total sales of condos have dropped in the area to levels not seen since the early 90s. A total of 9 condominiums were sold during the third quarter, a 44 percent drop from the same period last year and the lowest total for the quarter since 1994.

The drop in demand in Lake Bluff means bad news for condo owners and developers. It now takes an average of 103 days to find a buyer in the area, the longest turnover time since 1993.

It is definitely becoming a buyers market in the area. Buyers should start to see excellent deals on North Shore Chicago Condos in Lake Bluff, particularly if demand doesn’t increase in the short term. Also, as sellers face longer turnover times, many may be forced to drop their asking price to attract new interest in the city. Look out for excellent deals.

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This entry was posted on Thursday, November 15th, 2007 at 11:30 am and is filed under Lake Bluff(t) , Lake Bluff Real Estate(t) . You can leave a response.