February 1, 2009 – The drop in sales seen over the past few months in the Chicago real estate market continued to deepen around the city in January.   According to data from the Chicago MLS, sales of new and resale condos were down 49 percent from a year ago.

A total of 432 condos and lofts were sold in the city of Chicago in January, down from 848 units sold during the same period a year ago.  The drop in sales is even more evident from the peak of the market two years ago.  Sales in January 2009 were down more than 67 percent from January 2007, when 1,315 units were sold in the city.

Prices are coming down for many condos in areas around Chicago.  However, prices could continue to fall even further.  The average sales price in January fell 6 percent from a year ago to $380,956.  However, just two years ago the average sales price was just $345,654.  Sales of the most expensive units on the market plummeted nearly 60 percent in January.  Just 18 units were sold for more than $1 million in January, down from 44 units sold in that price range a year ago.

Buyers should be on alert for falling prices for Chicago Condos For Sale in neighborhoods around the region.  With the average turnover time currently at 154 days, up from 127 days a year ago, many sellers could be more willing to listen to reasonable offers.

[tags] Chicago Condos For Sale, Chicago Real Estate, Chicago Condominiums [/tags]

This entry was posted on Sunday, February 1st, 2009 at 8:03 pm and is filed under Market Update.