Chicago North Side Condo Sales
Condominium sales in Chicago’s north side neighborhoods are down drastically for Jan/Feb 2009. Two month unit sales volume (381 ) is off 58 % vs JF 2008 and off 68 % vs. the monthly 2008 average for closed units.
Reasons for the drop?
- Fewer buyers in the marketplace — fewer buyers are our shopping for homes
- Lack of consumer confidence is keeping the buyers from making a decision
- Tight financing options — tighter credit standards and greater restrictions on down payments — even those who want to buy are having difficulty in getting loans
As you can see in the chart below, prices have not yet dipped as dramatically.
