November 9, 2008 – While much of the Chicago region has seen a sharp drop in demand for new and resale condominiums in recent months, there are some suburban areas that are enjoying rising sales. Sales of Suburban Chicago Condos plummeted to the lowest level seen since 1992 during the third quarter, with just 4,083 sold during the quarter.

However, homeowners and developers in Hampshire and Pingree Grove enjoyed the strongest third quarter in the past 18 years. A total of 12 condos were sold during the quarter in the area, up from 5 units sold during the same period last year. Buyers took advantage of some great deals in the area. The average sales price fell by 10 percent from the same period last year, reaching its lowest level since 2004.

Condo sales in Minooka also recovered during the third quarter. A total of 18 units were sold in Minooka during the third quarter, up from 11 units sold during the same period last year. It was the third highest number of condos and lofts sold in the city during the third quarter in the past 18 years. Buyers also enjoyed great deals, with the average sales price falling to $144,192, the lowest average sales price seen in Minooka since 2003.

Deerfield saw sales drop to a new low in 2007, with just 20 condos sold during the third quarter. However, the market seems to have found its floor, with sales up strongly by 30 percent this year. A total of 26 condos were sold in Deerfield during the third quarter, pushed by a drop of 24 percent in the average sales price.

[tags] Chicago Condos For Sale, Suburban Chicago Condos, Deerfield Condos, Chicago Real Estate [/tags]

This entry was posted on Sunday, November 9th, 2008 at 2:44 pm and is filed under Market Update.