Sales of new and resale condominiums plunged during the second quarter in Skokie. It was the third straight year of declining sales in the neighborhood.

According to data from the Chicago Association of Realtors, a total of just 31 condominiums were sold during the second quarter in Skokie. This is a 58 percent drop in sales from the same period last year, when 74 units were sold in the neighborhood. The best result for the second quarter was seen in 2005, with 125 new and resale condos closed during the three-month period.

The drop in sales is being felt in prices. The average sales price during the second quarter fell by 24 percent from the same period last year. Buyers could continue to see even better deals in the next few months as the inventory of unsold homes on the market grows.

If you’re selling your condo in Skokie, it will now take you an average of 171 days to find a buyer. This is a sharp increase from the 112 days it took just a year ago, and is the longest that is has taken to find a buyer in the last 18 years. Buyers should be on the lookout for great deals on North Shore Chicago Condos for sale around Skokie.

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This entry was posted on Sunday, September 28th, 2008 at 5:42 pm and is filed under Skokie Real Estate(t) . You can leave a response.