There seems to be no end in sight for the rise in condo prices around Evanston. The average sales price during the third quarter stood at $325,377, according to a recent report from the Chicago Association of Realtors.

This is a 7 percent increase from last year and the thirteenth consecutive year of higher prices for the neighborhood.

Demand for condos around Evanston dropped off slightly during the third quarter, as a result of problems in the mortgage market that have kept many buyers from qualifying for a new loan. A total of 224 condominiums were sold in the city during the third quarter, a 17 percent decline from the same period last year.

The drop in demand may be the cause of the higher inventory of unsold condos sitting on the market around Evanston. According to the C.A.R. report, the average turnover time was up to an all-time high of 129 days, a 37 percent jump from last year.

If demand continues to drop and the supply of unsold condos sits on the market longer, then the streak of consecutive price increases for Evanston Condos may come to an end soon.

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This entry was posted on Thursday, December 13th, 2007 at 7:13 pm and is filed under Evanston Real Estate(t) . You can leave a response.