This week, I met with sellers of two condos in Albany Park in Chicago. What I found in my research is that prices are up by an average of $7,500 in the last 90 days on two bedroom, two bath condos. The condos are selling for $225,000-$260,000, as long as they aren’t short sales or foreclosures. Prices vary in that range, with size of condo and amenities. There is currently an average of three real buyers purchasing per month, and with 26 condos for sale we have about a 9 month inventory at present.

For three bedroom, three bath condos, prices are up by $5,000 we are seeing one real buyer per month, and we have a 14 month inventory.   Prices are averaging $270,000-$314,000. Albany Park condos typically are larger than in nearby Andersonville or Lincoln Square, and typically include a parking space and a deck in the pricing.

Amenities such as a parking space are not seen as frequently in neighborhoods closer to the lake, and certainly not in these price ranges.   In this type of market, it is survival of the fittest, meaning that pricing has to be red hot and everything must be perfect, and you need some luck also in order to sell.     Visit Move with Maggie for more information and to request a Market Snapshot of your specific area.

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