January 11, 2009 – As cities around the country continue to suffer falling sales and prices, the Chicago region is not immune.  Sales of new and resale condominiums fell by 36.2 percent around the North Shore in 2008, the second straight year of declining sales in the region.

2006 was the peak of the market on the North Shore. According to MLS statistics, a total of 2,272 new and resale condominiums were sold in 2006.  Sales fell 19.7 percent in 2007 with 1,823 condos sold during the year. The drop in sales accelerated during 2008, with just 1,163 new and resale condo units sold in the region in the past 12 months.

Prices also dropped in 2008 for condos around the North Shore. The average sales price plunged 8.9 percent from a year ago, after reaching an all-time high of $351,237 in 2007. The average sales price in 2008 reached a three-year low of $319,886, as demand for the most expensive units on the market fell. Just 53 units were sold for more than $700,000 around the North Shore in 2008, compared to 94 units a year ago.
Buyers could find some great deals in the short term on North Shore Condos For Sale in even the most luxurious communities along Lake Michigan.

[tags] North Shore Chicago Condos For Sale, Chicago Condos, Chicago Real Estate [/tags]

This entry was posted on Sunday, January 11th, 2009 at 11:23 pm and is filed under Market Update.