August 10, 2008 - The Near North Side suffered a decline in both prices and sales of condominiums and lofts in July.  The neighborhood also saw a drop in sales of the most expensive condominiums, ending a trend towards stronger demand for million-dollar units in the area.

According to data from the MLS, a total of 250 new and re-sale condominiums and lofts were sold on the Near North Side during July, down more than 9 percent from the same month last year.  It was a 19 percent decline in sales from July 2006.  Sales of both the most affordable and most expensive condominiums were also off during the month.  A total of 20 condominiums were sold for more than $1 million during July, down nearly 20 percent from July 2007.  Sales of condos and lofts priced below $250,000 fell at the same rate.  Just 51 condominiums were sold in that price range in July, down from 64 units sold during the same period last year.

July was one of the first months that we’ve seen a drop in the average sales price of condominiums on the Near North Side.  Strong demand for the most expensive Chicago Condominiums in the neighborhood had led to an increase in the average sales price despite an overall decline in sales.  However, the average sales price fell by more than 4 percent in July.  It seems that the slowdown in the market has finally reached the Near North Side.

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This entry was posted on Sunday, August 10th, 2008 at 9:38 am and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.