The market for condos around Chicago has suffered from a recent decline in demand as many buyers face difficulty finding funding from banks and lenders. An increase in foreclosures across the nation has led to tighter requirements for new mortgages.

Woodridge has also seen a drop in sales of condos and lofts. According to the Chicago Association of Realtors, a total of 36 condos were sold during the third quarter, down from 52 condos sold during the same period in 2006. It is also the lowest total sales seen during the third quarter in more than 16 years.

If you’re planning on selling your condo in the area, it may take you longer to find a buyer than you may have thought. The average turnover time for condos sold during the third quarter rose to 95 days, up from 54 days a year ago.

Despite the drop in demand and rising inventory of unsold condos in the area, prices continued to increase around Woodridge. The average sales price during the third quarter rose by 4 percent.

However, buyers could start to see great deals on condos and lofts around Woodridge if demand doesn’t pick up in the short term. Don’t miss out on the great deals on Chicago Condos to be found in the neighborhood.

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This entry was posted on Tuesday, March 4th, 2008 at 5:26 pm and is filed under Deerfield Real Estate(t) . You can leave a response.