January 18, 2009 - While sales of condos in the city of Chicago fell 42 percent in the fourth quarter, sales of new and resale units around the suburbs posted just a 29 percent decline from the same period a year ago.

According to data from the Chicago Association of Realtors, a total of 2,691 new and resale condos and lofts were sold in the greater Chicagoland region during the fourth quarter, down from 3,800 units sold a year ago.  However, sales have plummeted from the peak of the market seen in 2005.  A total of 7,306 units were sold during the fourth quarter in 2005, representing a 63 percent decline in sales from the high point of the real estate boom in Chicago.

Buyers who are on the market are focusing on lower-priced units around the Chicago suburbs.  The average sales price plunged by 20 percent from a year ago, reaching a five-year low of $151,775.  Buyers could continue to see even lower prices for Chicago Condos in many communities around the region.  Sellers are facing one of the slowest markets in recent memory.  It took an average of 149 days to find a buyer during the fourth quarter, up from 114 days in 2007.  It is the longest average turnover time seen during the fourth quarter in more than 18 years.

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

This entry was posted on Sunday, January 18th, 2009 at 11:43 am and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.