May 25, 2008 – Sales of new and re-sale condominiums were down sharply in Lakeview in April. According to data from the MLS, sales fell by 28 percent from April 2007. Sales of one-bedroom units fell the most in April, with sales down 45 percent from the same month last year.

All other types of condominiums also saw a drop in demand. Sales of studio units fell 17 percent with just 10 units sold during the month. A total of 86 two-bedroom condominiums were sold in April, a 13 percent drop in sales from the same period last year. Sales of condominiums with three or more bedrooms fell by 34 percent.

Prices for most units around Lakeview rose during April. The average sales price for all new and re-sale condominiums was up by 4 percent from the same period last month. Only studio units saw a drop in prices during the month. The average sales price for these units fell by 18 percent in April.

Prices for one-bedroom condominiums in Lakeview rose by 8 percent, despite the sharp drop in demand for these units. Condominiums with three or more bedrooms also rose in price, with the average sales price up 8 percent during the month. Two-bedroom condominiums saw a slight one percent increase in prices in April.

Lakeview currently has more than 6 months of market supply for one, two, and three-bedroom condominiums. Buyers are starting to see great prices on some Chicago Condos For Sale in Lakeview, particularly for studio units.

[tags] Chicago Condos For Sale, Lakeview Condo Market Update, Chicago Real Estate [/tags]

This entry was posted on Sunday, May 25th, 2008 at 12:21 pm and is filed under Market Update.