Austin has seen a marked drop in sales of single family homes during the third quarter, according to the most recent report from the Chicago Association of Realtors.
A total of 43 homes were sold during the third quarter, a 62 percent drop from last year and the lowest total for the quarter since 1994. Sales have been hurt by problems in the mortgage market. Banks and lenders are shying away from many types of loans, leaving many buyers unable to qualify for financing.
Homeowners are facing one of the most difficult markets the neighborhood has seen in years. The average turnover time for homes on the market during the third quarter stood at 90 days. While this is nowhere near as long as other neighborhoods, it is the longest turnover time that the Austin real estate market has faced in more than 16 years.
However, despite the dramatic drop in sales and increasing inventory of homes sitting on the market longer, prices continued to rise during the third quarter. The average sales price was up by another 4 percent from the same period last year.
Buyers should beware of entering the market at its peak. If demand continues to drag in Austin, then there may soon be many excellent deals on Chicago Homes For Sale in the neighborhood.
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