December 28, 2008 - November was a difficult month for the real estate market in the Chicago region.  Sales of new and resale condos were down more than 50 percent in the city of Chicago, while some neighborhoods such as the Loop and Near North Side saw sales fall more than 60 percent from a year ago.  However, the North Shore was able to outperform many traditionally strong markets in the Chicagoland region in November.

According to data from the Chicago MLS, a total of 69 new and resale condos were sold around the North Shore in November, a 22 percent drop in sales from a year ago.  Sales were off more than 52 percent from the peak of the market in 2006.

Buyers on the North Shore took advantage of many deals currently available on the market.  The average sales price plunged more than 22 percent from a year ago, reaching a three-year low of $282,605.  However, prices could continue to fall even further in the area as more condos sit on the market, helping to spur demand in the short term.  The average turnover time for condos sold in November jumped to 191 days, up from 154 days a year ago.  In 2006, it took just 96 days to find a buyer.

Buyers on the market for North Shore Chicago Condos should keep a close eye on the market in the next few months to take advantage of falling prices in the area.

Technorati Tags: Chicago Condos For Sale, North Shore Chicago Condos, Chicago Real Estate

This entry was posted on Sunday, December 28th, 2008 at 7:18 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.