Sales of Chicago homes were down in almost every large neighborhood in the city during 2007. Austin was one of the hardest hit areas.
According to the Chicago Association of Realtors, a total of 219 single-family homes were sold in the neighborhood during the year, down from 367 homes sold during 2006. This is a 40 percent drop in sales in just one year, and the lowest total annual sales seen since 1994 in Austin.
The once-hot neighborhood is also seeing a large increase in the average turnover time. Buyers who sold their home in Austin during 2007 had to wait an average of 153 days to find a buyer, up from 77 days during the previous year. This is the first time that the average turnover time has broken the 100-day barrier in more than 16 years.
Even as prices fell, buyers still stayed away from the neighborhood. The average sales price for homes sold during 2007 dropped by 9 percent from the same period in 2006. However, buyers looking for a great deal on Chicago Homes For Sale can find exactly what they’re looking for in Austin. As the market corrects, it’s just a matter of time before bargain hunters start taking advantage of the great deals found in Austin.
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