Beverly saw a drop in demand despite lower prices around the neighborhood during the first quarter. The Chicago neighborhood was one of many areas that has suffered from difficult market conditions in recent months.
According to the Chicago Association of Realtors, a total of 25 single-family homes were sold during the first quarter in Beverly. This is a 19 percent drop in demand from the same period last year, and the second straight year that sales have waned in the neighborhood.
As demand drops in the neighborhood, the inventory of unsold homes on the market continued to rise during the first quarter. It took home owners an average of 158 days to find a buyer due to the increased competition in the neighborhood during the first quarter. This is the longest average turnover time seen in the area in more than 16 years.
Prices were down during the first quarter in the neighborhood. The average sales price slid by 6 percent from the same period last year, and could continue to fall if demand doesn’t recover in the short term.
Buyers looking for a great deal on Chicago Homes For Sale should keep an eye on the market in Beverly.
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