Northbrook Condo Sales Down Again During Second Quarter
August 20th, 2008 by JakeSales of condominiums and lofts were off again during the second quarter in Northbrook. The neighborhood was one of many around the North Shore to see demand fall to a new low during the quarter.
According to data from the Chicago Association of Realtors, a total of just 32 condos and lofts were sold in Northbrook during the second quarter, down from 51 units sold during the same period last year. It was the third straight year that sales have fallen in the neighborhood after reaching a high of 81condominiums sold during the second quarter in 2005. It was also the worst showing for the quarter in more than 18 years in Northbrook.
The drop in sales led to a marked increase in the average turnover time. If you’re thinking of selling your condo in Northbrook, it will now take you an average of 184 days to find a buyer, up from 124 days a year ago.
However, despite a rising inventory of unsold condos on the market in the neighborhood and record low sales, the average sales price continued to rise. Prices during the second quarter were up by 2 percent from the same period last year. However, prices for North Shore Chicago Condos in Northbrook could start to fall if demand doesn’t pick up in the short term.
Technorati Tags: Northbrook Condos For Sale, Chicago Condos, North Shore Chicago Condos
Last 5 posts in Northbrook Real Estate
- Interest rates falling nationwide - October 24th, 2008
- Plunging stock market weakens affecting luxury market - October 14th, 2008
- Condo sales down 8 percent, prices plunge 17 percent in September - October 1st, 2008
- New home sales fall to new low in August - September 26th, 2008
- Number of homes for sale down in many markets - September 11th, 2008
