The city continues to see a marked drop in demand for Chicago Homes.
According to the most recent report from the Chicago Association of Realtors, a total of 1956 single-family homes were sold citywide during the third quarter. This is the third straight year the city has seen lower sales.
It is also the lowest total sales for the third quarter since 1992.
Problems in the mortgage market and skyrocketing prices have kept many buyers out of the market. Banks and lenders are reeling from a recent spike in foreclosures, and are tightening requirements for new loans.
The average sales price for a home in the city during the third quarter was at $363,407, down just under 5 percent from last year. This is the first drop in the average sales price that the city has seen since in the last 15 years.
Sellers are now facing one of the most difficult periods the city has gone through in years. Turnover time for single family homes on the market in Chicago is up to 117 days citywide. This is a 40 percent increase over last year.
Prices for a single family home should continue to fall in the short term if demand doesn’t rebound in the city.
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