Sales of single-family homes fell for the third straight year during the first quarter in Addison. The neighborhood was one of several cities around the Chicago suburbs that suffered a sharp downturn in the real estate market.
According to data from the Chicago Association of Realtors, a total of 17 homes were sold in the city during the first quarter, down from 34 units sold during the same period last year. This represents a drop of 50 percent in sales in just one year, and is the worst showing for the neighborhood in more than 17 years.
Sellers are facing one of the slowest markets in recent memory in Addison. It now takes an average of 208 days to find a buyer for a single-family home in the neighborhood, up from 152 days last year and more than double the time it took to find a buyer in 2006.
Despite the poor results for the real estate market during the first quarter, Addison continues to see higher prices for homes in the city. The average sales price rose by 3 percent during the first quarter. However, buyers could start to see lower prices for Chicago Homes For Sale in the area if demand doesn’t recover in the short term.
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