If you’re on the market for a new condo in Chicago, keep up with the latest statistics and news coming out of the market to make the best decision.

According to a recent report from the Chicago Association of Realtors, sales were down to a five-year low during the third quarter. A total of 5,832 condos were sold across the city during the period, a 12 percent drop from last year.

The city is also seeing a rising number of unsold condominiums sitting on the market, which could lead to lower prices if demand doesn’t pick up in the short term. According to the C.A.R. report, the average turnover time for a condo on the market was up to 96 days during the period, a 19 percent increase over last year and the longest average turnover time in more than 16 years.

However, despite rising inventory numbers and weak demand, the average sales price for a condo in Chicago was up to $218,414, a 13 percent increase over last year. If demand doesn’t recover over the next few months, buyers may start to see incredible deals for condos in neighborhoods around the city or to focus on the pre-construction projects where the upcoming buildings like The Chicago Spire will offer luxury units at the best prices.

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