Sales Of Condos Down More Than 36 Percent Across The North Shore

July 7th, 2008 by Jake

Sales of condos on Chicago’s North Shore plunged again in June. According to data from the MLS, sales of new and re-sale condominiums were off by 36.5 percent from the same month last year, while prices showed a modest increase of 4 percent in June.

A total of 146 condominiums were sold during June, down from 230 units sold during the same month in 2007. The drop in sales was even more pronounced when compared to June 2006. A total of 280 condos were sold during that month, representing a nearly 50 percent decline in demand in the region.

The drop in demand for the lowest price condominiums was evident during the month. A total of just 58 units were sold for less than $250,000 around the North Shore in June 2008, down from 88 units sold during the same month in 2007.

However, buyers continued to take advantage of the highest priced units on the market. While sales were down, the average sales price continued to rise during the month. Prices were up by 4.2 percent in June.

The drop in demand for the lowest priced condominiums around the area could mean great deals for buyers looking for affordable North Shore Chicago Condos For Sale.

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