Published July 3rd, 2008
in Uncategorized.
Sales of new and older single-family homes around West Lawn continued to decline during the first quarter. It was one of the biggest declines seen in the neighborhood in the last three years.
According to data from the Chicago Association of Realtors, a total of just 27 homes were sold in the area during the first quarter, a 44 percent decline in sales in just one year. It was the third consecutive year that sales have fallen in the neighborhood, after reaching a peak of 103 units sold during the first quarter in 2005.
The drop in demand for single-family homes led to a marked increase in the number of unsold homes sitting on the market. Homeowners are now waiting much longer to find a buyer. If you’re selling your home in the area, it will now take you an average of 166 days to find a buyer, up from 121 days a year ago. It is more than double the time it took to sell a home in 2006 in West Lawn.
Prices are starting to fall, and are almost below levels seen five years ago in the neighborhood. The average sales price fell by 16 percent during the first quarter, and now sits just 20 percent higher than prices seen five years ago. Buyers looking for great deals on Chicago Homes For Sale are finding them in West Lawn.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, West Lawn Homes For Sale
Published July 2nd, 2008
in Homes for Sale and Real Estate.
The market for real estate around the Chicago region, as well as in many areas around the country, continues to suffer from a downturn in sales. This is hurting the construction industry, which has seen a large drop in activity in recent months.
According to a recent report from the Commerce Department released on Tuesday, the industry hasn’t seen activity drop to its lowest point quite yet. The activity in the residential sector fell by another 1.6 percent in May, while construction of both residential and nonresidential projects was off by 0.4 percent.
It was the relatively strong construction activity in the nonresidential sector that helped keep the drop in activity below one percent during the month. However, the news is not good for builders that have been hard hit by a downturn in sales. Neumann Homes, one of the largest builders in the country, filed for bankruptcy late last year.
Smaller builders are also facing difficulties, while many homebuilders that are offering Chicago Homes For Sale around the city are seeing a drop in demand in most suburban areas. However, buyers are starting to enjoy lower prices and more incentives as a result of the drop in activity on the market.
Technorati Tags: Chicago Homes For Sale, New Homes Construction, Chicago Real Estate
Sales of single-family homes have come down around the city of Chicago, as well as in most suburban cities in the region. West Pullman was no exception. While sales have remained relatively strong in the neighborhood, the first quarter saw a slight drop in demand.
According to the Chicago Association of Realtors, a total of 48 single-family homes were sold around West Pullman during the first quarter, down from 59 units sold during the same period in 2007. It was disappointing for homeowners, who saw sales improve during 2007.
The drop in demand is leading to an increase in the average market time for single-family homes for sale in West Pullman. If you’re selling your home in the neighborhood, it will now take you an average of 151 days to find a buyer, up from 110 days a year ago. This is the longest it has taken to find a buyer in more than 17 years.
The rise in inventory and falling demand have combined to bring prices down in West Pullman. The average sales price fell by 29 percent during the first quarter, and could continue to drop in the next few months if demand doesn’t pick up in the short term.
Buyers should be able to find great deals for Chicago Homes for Sale around the neighborhood.
Technorati Tags: West Pullman Homes For Sale, Chicago Real Estate, Chicago Homes for Sale
Published June 30th, 2008
in Neighborhoods and Real Estate.
The Chicago Community Development Commission has approved a project that will breathe new life into South Shore. The development will offer a mix of retail and residential space, and will bring much needed jobs to the neighborhood.
Plans call for the sale of less than an acre of land at 1700 E 71st Street to a local developer, Tim Cochran. The developer will pay just $75,000 for the site, which has been valued at more than $200,000.
The developer will build a total of 27 condominiums in four buildings. Each building will offer ground floor retail space. Buyers will be able to choose from several floor plans in the new development, with market rate and low income units available. The most affordable two-bedroom market rate condominium will be priced at $200,000. Three-bedroom market rate units will be available for $300,000. Three units will be available for low income applicants.
The development will be one of just a few new projects coming to South Shore, which has seen a significant drop in sales of condominiums in recent months. The neighborhood offers some excellent deals on Chicago Homes For Sale.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, South Shore Condos For Sale
Published June 27th, 2008
in Neighborhoods and Homes for Sale.
Sales of single-family homes in West Lawn can’t seem to find their lowest point. According to data from the Chicago Association of Realtors, sales fell for the third consecutive year during the first quarter in the neighborhood.
According to the report, a total of just 27 single-family homes were sold during the period, down from 48 units sold during the first quarter 2007. It was well off the high of 103 units sold during the first quarter 2005, and it was the lowest total sales for the quarter in more than 20 years.
Homeowners are seeing one of the slowest markets in recent memory, which is bringing down prices in the neighborhood. If you’re selling your home, it will now take you an average of 166 days to find a buyer, up more than 35 percent from a year ago. This is the longest average market time seen in West Lawn in more than 20 years.
Prices are coming down at an alarming rate. The average sales price fell by more than 29 percent during the first quarter, and could fall even further if demand for Chicago Homes For Sale doesn’t increase in the short term.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, West Lawn Homes For Sale