Bolingbrook has seen one of the largest declines in total sales of single family homes in the Chicago region.
According to the Chicago Association of Realtors, a total of 161 homes were sold during the third quarter in the city, down from 263 during the same period last year.
This is the lowest quarterly total that the neighborhood has seen since 1997.
It is the second straight year that Bolingbrook has seen a decline in demand for homes. Sales hit a peak of 355 homes during the third quarter of 2005, but the market shows no sign of reaching that level in the short term.
Homeowners seem to have realized that the market has reached a peak. Despite lower demand for homes in the area, the turnover rate dropped to 12 days in the neighborhood, from a high of 75 days last year.
Many homeowners may be waiting out the current storm in the market for Chicago Homes.
Sales across the Chicagoland area were off 25 percent from the same period last year, and are off almost 40 percent from two years ago. Troubles in the mortgage market make it difficult for many buyers to qualify for new loans, as banks and lenders tighten requirements.
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