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.
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