After falling more than 60 percent during the second quarter, sales of new and resale condominiums in Skokie showed signs of reaching their floor during the third quarter, great news for developers and condo owners in the area.

According to data from the Chicago Association of Realtors, a total of 37 condos and lofts were sold in Skokie during the third quarter, down from 48 units sold during the same period a year ago. The drop in sales last year was much more notable. Sales fell by more than 50 percent during the third quarter of 2007.

The dramatic drop in demand for Skokie condos in the past two years has led to a rapid increase in the average turnover time. If you’re planning on selling a condominium in the area, it will now take you an average of 197 days to find a buyer, up from 139 days a year ago. It took an average of just 62 days to find a buyer in 2006 in the neighborhood.

Buyers were starting to find some great deals on condominiums in the area. The average sales price fell by an impressive 9 percent during the third quarter, and could continue to fall even more in the next few months if demand for North Shore Chicago Condos doesn’t increase in the short term.

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This entry was posted on Tuesday, October 28th, 2008 at 7:46 am and is filed under Skokie Real Estate(t) . You can leave a response.