December 6, 2008 – The Chicago condo market suffered the worst year-over-year decline in sales to date in November.  According to data from the Chicago MLS, sales of new and resale condos and lofts fell by 55.8 percent from a year ago.  Prices also plummeted during the month, with the average sales price falling by 15.8 percent from a year ago.

A total of just 598 condos and lofts were sold in the city of Chicago in November, a steep drop from the 1,353 units sold during the same month a year ago.  Sales were off more than 62 percent from November 2006, when 1,574 condos were sold in the city.

Sales on both the high and low ends of the market were down sharply.  Sales of units priced at more than $1 million fell by 69 percent, with just 18 units sold in that price range during the month.  This led to a sharp drop in the average sales price to its lowest point in more than two years, falling to $333,206.  Buyers in neighborhoods south and west of downtown Chicago are seeing some dramatic drops in prices.  The average sales price for units sold in areas south and west of downtown in November plummeted to $117,371, down from $170,269 just a year ago.

Condo owners and developers are facing one of the slowest markets in recent memory.  If you’re selling your condo in Chicago, it will now take you an average of 154 days to find a buyer, up from 97 days a year ago.  Buyers should keep an eye on significant discounts in current listing prices for Chicago Condos For Sale in neighborhoods around the city.

[tags] Chicago Condos For Sale, Chicago Real Estate, Chicago Condo Market November Sales [/tags]

This entry was posted on Sunday, December 7th, 2008 at 2:54 pm and is filed under Market Update.