October 26, 2008 - Sales of Chicago Condos fell 30 percent during the third quarter, with 4,217 units sold during the quarter.  However, four Chicago neighborhoods bucked the trend during the quarter, posting higher sales.

The Near South Side was the star of the real estate market in the city during the third quarter.  The neighborhood enjoyed its second strongest third quarter in 18 years.  A total of 302 condos were sold during the quarter on the Near South Side, up 9 percent from the 276 units sold during the same period last year.  Prices in the neighborhood soared 29 percent to their highest point ever.  The average sales price reached $526,377 during the third quarter.

Condo owners and developers in East Garfield Park breathed a collective sigh of relief as sales recovered slightly during the third quarter.  Last sales plunged from 32 units sold during the third quarter 2006 to just 9 units sold during the same period in 2007.  Sales increased slightly this year, with 10 condos sold during the third quarter.  The average sales price fell by 1 percent during the quarter to $216,406.

Two smaller markets also enjoyed an increase in sales during the third quarter.  A total of 4 condominiums were sold in both Forest Glen and Beverly during the quarter, up from 3 units sold during the same period last year.

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October 19, 2008 - Sales of new and resale condominiums in the Loop plunged during the third quarter.  According to data from the MLS, sales in the Loop were off more than 61 percent from the same period last year.  Other areas of the downtown Chicago condo market also saw a decline in sales during the period.  Sales on the Near North Side were down by 28.4 percent from the same period last year.

A total of just 177 condos were sold in the Loop during the third quarter, down from 461 units sold during the same period in 2007.  However, it was the low end of the market that suffered the most during the quarter.  A total of 37 condos were sold for less than $250,000 in the Loop during the third quarter, down from 64 units sold during the same period last year in that price range.  The drop in demand for the most affordable units was felt even more on the Near North Side.  Just 120 condominiums were sold for less than $250,000 during the third quarter, down from 304 units sold in the neighborhood a year ago.

Demand for the most expensive condominiums was up by more than 40 percent in the Loop, with 23 units sold for more than $1 million during the quarter.  Sales were off by just over 20 percent for units priced at over $1 million on the Near North Side.  This helped keep prices in positive territory during the quarter.  The average sales price for Chicago Condos sold in the Loop during the third quarter was up 14 percent, while prices inched up just 2.7 percent on the Near North Side.

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October 12, 2008 - Third quarter sales of new and resale Chicago Condos and lofts fell for the second straight year in the city.  Sales during the third quarter around the city were down by more than 30 percent from the same period last year, and were off more than 37 percent from the same period in 2006.

According to data from the Multiple Listing Service, a total of just 4,217 condos were sold citywide during the third quarter, down from 6,034 units sold during the same period in 2007.  However, despite the drop in sales, the average sales price managed to rise more than 8 percent.  The average sales price of condos and lofts sold during the third quarter rose to $375,699, a 7.8 percent increase from the same period last year.  The average sales price during the third quarter 2007 was $346,339.

The rise in the average sales price had more to do with the dramatic drop in sales of the most affordable units around the city combined with steady sales of million-dollar units.  Sales of condos priced below $250,000 were off by 34 percent during the third quarter.  Demand for the most expensive units in the area was steady.  Sales of units priced at more than $1 million were off by less than 5 percent during the same period, with 111 units sold in that price range during the quarter.

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