Sales of Suburban Chicago Condos hit a 9-year low in 2007.  According to recent data from the Chicago Association of Realtors, a total of 21,871 condos and lofts were sold around the suburbs in 2007.

This represents a 25 percent drop in sales from the previous year, when 28,776 units were sold around the greater Chicagoland region.  It is also the weakest annual sales seen in the Chicago suburbs since 1998.

Condo owners and developers are facing one of the slowest markets in recent memory as the average turnover time crossed the 100-day barrier for the first time in more than 16 years.  It took an average of 109 days to find a buyer for condos sold in 2007 around the Chicago suburbs, up from 74 days in 2006.  This is the longest average turnover time seen in the region in more than 16 years.

Despite falling demand and the slow market for condo owners, prices continued to rise in the region.  The average sales price for units sold in 2007 rose by nearly four percent.  However, buyers are already starting to see lower prices in many neighborhoods, including Roselle and Deerfield, which both saw prices decline by 7 percent during the year.

Technorati Tags: Chicago Condos For Sale, Chicago Suburban Condo Market, Chicago Real Estate 

This entry was posted on Sunday, March 30th, 2008 at 10:08 am and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.