While the condo market on the Near North Side continues to see a drop in demand after record sales seen just two years ago, the market for single-family homes in the area remained steady.
According to data from the Chicago Association of Realtors, a total of 36 homes were sold on the Near North Side in 2007, up 10 percent from the previous year. It tied the highest total sales seen in the neighborhood in the last 16 years, and highlights the fact that some markets, particularly the luxury market, continue to see strong sales despite a general downturn in the Chicago region.
The increase in sales in the area led to a drop in the average turnover time for homes on the market. During 2007, it took homeowners an average of 229 days to find a buyer, down from 306 days in 2006.
Prices remained in positive territory in 2007. According to the C.A.R. report, homes sold for an average 5 percent higher during the year. The average sales price reached a high of $2.71 million during the year. Buyers interested in luxury Chicago Homes For Sale continue to come to the Near North Side.
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