The North Shore of Chicago saw a sharp drop in sales of new and re-sale condominiums in communities around the area. According to data collected from the MLS, sales were off an incredible 32 percent from the same month last year.

However, a drop in sales didn’t lead to a sharp drop in prices in the area. The average sales price continued to rise, but at one of the slowest rates in years. The average sales price was up nearly $500 in April. Sales of units on both the high and low ends of the condominium market were off during the month, with just 13 units priced over $500,000 sold. A total of 22 units over $500,000 were sold during April 2007.

Sales of the most affordable units around the North Shore were off, but at a much lower rate than the most expensive units in the region. A total of 47 condos were sold under $250,000 in April, down from 55 units sold in April 2007.

Buyers looking for million dollar condominiums will have to head to downtown Chicago to find a wide range of condominiums. 18 units were sold for more than $1 million in the Loop during April 2008.

The condo market around the North Shore has been able to avoid drops in prices for the time being. However, if demand for North Shore Condos For Sale doesn’t increase in the future, prices could start to drop in the area.

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This entry was posted on Tuesday, May 20th, 2008 at 10:42 pm and is filed under Evanston Real Estate(t) . You can leave a response.