Buyers are holding off when it comes time to buy a condominium in many neighborhoods around the North Shore of Chicago. Lake Forest was one area that saw sales drop during the first quarter.

According to data from the Chicago Association of Realtors, a total of just 5 units were sold in Lake Forest during the first quarter, down from 10 units sold during the same period last year. However, this is a relatively normal result for the neighborhood, which sees sales range between 4 and 23 condominiums during the first quarter over the past 10 years.

However, prices are starting to show signs of weakness in Lake Forest. The average sales price of condominiums sold during the first quarter posted an impressive 19 percent decline from the same period last year, and could continue to drop in the short term, creating opportunities for buyers.

Sellers will have to compete more in the coming months. It now takes an average of 246 days to find a buyer, the longest it has ever taken in the neighborhood. Keep an eye out for great deals on North Shore Chicago Condos for sale around Lake Forest.

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This entry was posted on Tuesday, July 22nd, 2008 at 11:11 pm and is filed under Lake Forest Real Estate(t) . You can leave a response.