November 30, 2008 – Sales of condos and lofts plunged by nearly 40 percent in October in Lakeview. It was the second straight year that sales fell in October after reaching a peak in 2006. Condo prices also fell for the second straight year in the neighborhood.

According to data from the Chicago MLS, a total of just 84 new and resale condos and lofts were sold in Lakeview in October, down 39.5 percent from a year ago, when 139 units were sold in the neighborhood during the month. In October 2006, a total of 154 units were sold in the area. Demand on both the high and low ends of the market was down. A total of just 13 units were sold for more than $1 million in October, down more than 40 percent from the same period a year ago. Sales of units priced at less than $250,000 fell by just 20 percent, with 28 units sold in that price range during the month.

The sales price fell to a three-year low in Lakeview. The average sales price hit $346,437, down more than 6 percent from a year ago, and nearly 10 percent below the peak of $382,317 seen in October 2006. However, condo owners who did sell their units during the month waited more than a week less than a year ago. The average market time fell to 87 days in October, down from 98 days a year ago.

Buyers could continue to see falling prices for Chicago Condos in Lakeview as well as in many other popular neighborhoods around the city.

[tags] Chicago Condos, Lakeview Condos, Chicago Real Estate [/tags]

This entry was posted on Sunday, November 30th, 2008 at 3:50 pm and is filed under Market Update.