Lincoln Park has seen a slight increase in condo sales during the third quarter, according to the most recent report from the Chicago Association of Realtors.
A total of 441 condominiums were sold during the third quarter, up from 395 during the same period last year. This is still far from the high of 627 condos sold during the same period of 2005, but is a breath of fresh air for condo owners and realtors in the neighborhood.
However, despite the increase in condo sales in Lincoln Park, more condos are sitting on the market longer. According to the C.A.R. report, the turnover time for condos in the neighborhood increased by 8 days. It now takes an average of 94 days to find a buyer in Lincoln Park.
The average sales price for condominiums in the neighborhood continued to inch higher. A condo now sells for an average of $458,382.
However, if condo owners continue to face longer waits, many may be forced to offer incentives such as lower prices to attract new buyers to the area.
Lincoln Park is just one of many neighborhoods that offer Luxury Chicago Condominiums. Buyers can choose between several new loft and condo developments currently on the market in Chicago.
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