Sales of condos and lofts in Waukegan fell at their fastest rate in years during the second quarter. The neighborhood was one of many around the North Shore to experience a sharp decline in demand for multi-family units.

According to data from the Chicago Association of Realtors, a total of just 14 units were sold in Waukegan during the second quarter, down from 28 units sold during the same period last year. The 50 percent decline in sales was the biggest year-over-year decline seen since 1995.

The drop in sales of condos in Waukegan led to a slight increase in the number of unsold homes sitting on the market. If you’re planning on selling your condo in the area, it will now take you an average of 124 days to find a buyer, up from 118 days a year ago. This is the longest it has taken to sell a condo in more than 18 years in the neighborhood.

The effect of the slowdown in the market is already being felt in prices. The average sales price plunged by 18 percent during the second quarter. The average sales price was $134,193 for the quarter, the lowest since 2002. However, buyers on the market for great deals on North Shore Chicago Condos could start to return to the neighborhood.

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This entry was posted on Friday, September 12th, 2008 at 2:08 pm and is filed under Waukegan Real Estate(t) . You can leave a response.