While sales of condos and single-family homes around the Chicago region fell sharply during 2007, some neighborhoods continued to see strong demand. Waukegan was one neighborhood that saw one of the best years in recent memory in 2007.

According to data from the Chicago Association of Realtors, a total of 89 condos were sold in the neighborhood during the year, up slightly from 86 units sold during 2006. However, this is the highest total sales seen in the neighborhood in more than 16 years.

However, despite the slight jump in demand in the neighborhood, the average market time for units on the market also increased during the year. It took condo owners and developers an average of 107 days to find a buyer in the neighborhood during 2007. This is an increase of 9 days from the previous year, and the first time that the average turnover time broke through the 100-day barrier in the neighborhood.

The increase in inventory of condos on the market led to flat prices during the year. The average sales price for condos sold in 2007 was basically unchanged, moving up just under $300 from the previous year. Buyers can continue to find plenty of affordable North Shore Chicago Condos For Sale in Waukegan.

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This entry was posted on Saturday, April 26th, 2008 at 6:09 pm and is filed under Waukegan Real Estate(t) . You can leave a response.