Sales of condominiums and lofts around the Chicago suburbs reached a 16-year low during the third quarter. According to data from the Chicago Association of Realtors, sales were down in the region for the third straight year.

According to the report, a total of just 4,083 condos and lofts were sold in the suburbs during the third quarter, down from 5,845 units sold during the same period a year ago. At the peak of the market, more than double the number of condos were sold in the region. A total of 9,396 condos were sold during the third quarter of 2005.

The drop in sales led to a drop in prices as well as an increase in the number of unsold condos sitting on the market. If you’re selling your condo in the Chicago suburbs, it now takes an average of 133 days to find a buyer, up from 101 days a year ago. This is the longest average turnover time seen in the region in more than 18 years.

Prices for condominium around the suburbs, including prices for North Shore Chicago Condos have started to fall. The average sales price fell to its lowest level since 2004. Condos sold for an average of $166,406 during the third quarter.

Technorati Tags: North Shore Chicago Condos, Chicago Condos, Suburban Chicago Condos

This entry was posted on Monday, October 20th, 2008 at 9:45 am and is filed under Evanston Real Estate(t) , Highland Park Real Estate(t) , Glencoe Real Estate(t) , Glenview Real Estate(t) , Deerfield Real Estate(t) . You can leave a response.