Amidst one of the most difficult markets for single-family homes in recent years, sales fell to a new low in Garfield Ridge during the first quarter.
According to data from the Chicago Association of Realtors, a total of just 36 units were sold during the first quarter, down from 46 homes sold during the same period last year. It was the third straight year of declining sales in the neighborhood, after hitting a peak of 74 homes sold in 2005.
The decline in sales led to an increase in the amount of time it takes to find a buyer in Garfield Ridge. If you’re selling your home in the neighborhood, it will now take you an average of 149 days to find a buyer, up from 136 days a year ago. The rising pressure on homeowners to give buyers incentives led to a slight decline in prices during the first quarter.
According to the C.A.R. report, the average sales price fell by 2 percent during the first quarter. If demand for homes in the area doesn’t increase in the short term, buyers could continue to see even lower prices. Browse through the best new Chicago Homes For Sale on the market in Garfield Ridge, as well as many other neighborhoods across the city today.
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