Sales were down yet again during the second quarter in West Town. The neighborhood was one of a majority of areas around Chicago to see a continuing decline in sales of condos and lofts.
According to data from the MLS, a total of 342 condominiums were sold during the second quarter in Chicago, down from 538 units sold during the same period in 2007. It was a 36 percent drop in sales for the neighborhood in just one year.
However, despite the sharp drop in sales, prices continued to inch up in the neighborhood. The average sales price rose by just 1 percent from the same period last year, but could start to drop if demand doesn’t pick up in the short term. The average sales price is now at $393,718, up from $391,080.
If you’re looking for a great deal on a condo in Chicago, West Town is still not offering what you need. However, if demand continues to slow, you could start to see some lower prices in the area, particularly from financially stressed condo owners and developers. Check out the best Chicago Real Estate on the market in the area.
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