September 7, 2008 - The drop in sales of new and re-sale condominiums in the city of Chicago widened during August. According to sales data from the MLS, sales of condos fell 35 percent during the month, while prices rose by just over 4 percent from the same period last year.

A total of 1,454 condos and lofts were sold around the city in August, down from 2,261 units sold during the same period last year. When compared to August 2006, the decline in demand is even more notable. Sales fell by 42 percent from two years ago.

The drop in demand was felt the most for units priced under $250,000. A total of just 366 condos were sold for less than $250,000 in August, down from 686 condos sold in that price range a year ago. Demand was steady on the high end of the market. 40 units were sold for more than $1 million citywide in August, down slightly from the 42 units sold in that price range last year.

The drop in demand for the most affordable units around the city helped keep prices in positive territory during the month. The average sales price closed on $400,000 in August, rising 4 percent to $395,199. However, it was the drop in demand for the most affordable units on the market, rather than rising condo values that led to the increase in the average sales price of Chicago Condos.

Technorati Tags: Chicago Condos, Chicago August Sales Report, Chicago Real Estate

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