North Shore Condo Sales Down More Than 40 Percent In May

June 16th, 2008 by Jake

Sales of condominiums and lofts around the North Shore declined at an increasing rate in May. After showing year over year declines of more than 36 percent in April, sales in the region fell by more than 42 percent in May.

According to data collected from the MLS for the region, a total of just 104 condominiums were sold during the month around the North Shore statistical area, down from 180 units sold a year ago. The decline in demand is even more pronounced when compared to May 2006, which was the peak of the real estate market in the region. A total of 262 condominiums were sold during May 2006 around the North Shore.

While strong demand for million dollar condominiums is the news of the moment in downtown Chicago, the North Shore is seeing a drop in demand for the most expensive units. A total of just 9 condominiums priced over $500,000 were sold during May, down from 21 units sold in that price range a year ago.

Demand for the most affordable North Shore Chicago Condos has also suffered, with just 37 units priced under $250,000 sold during May, down from 71units sold in that price range during May 2007.

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