July 20, 2008 - Sales of new and re-sale Chicago Condos were down again around the city’s North Shore region in June. According to data from the MLS for the month, sales fell by 36.5 percent from the same period last year. However, demand strengthened from the previous month, with sales up more than 40 percent.

A total of 146 new and re-sale condominiums were sold in neighborhoods around the North Shore in June, down from 230 units sold during the same period last year. However, sales were up more than 40 percent from May, when just 104 condominiums were sold.

Sales of the most affordable condominiums were down during the month. Just 58 condominiums were sold for less than $250,000 in June, down 34 percent from the 88 units sold in June 2007. Demand on the higher side of the market was stable during the month. 22 condominiums were sold during June for more than $500,000, down just under 10 percent from the same month last year.

The drop in demand for the most affordable condominiums in the area led to a slight increase in the average sales price during June. Condominiums sold for an average of $349,454 during the month, up 4.2 percent from a year ago.

As for the inventory of condos on the market, there are a total of 2,128 units listed around the North Shore. At the June sales rate, this is a 14.5-month market supply. A market supply over 6 months is considered a buyer\’s market.

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This entry was posted on Sunday, July 20th, 2008 at 9:32 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.