Homeowners looking to sell their home in Montclare are facing one of the most difficult real estate markets in recent years.
According to the Chicago Association of Realtors, the number of homes sold in Montclare dropped to 11 during the third quarter. It is a 61 percent decline from the same period last year, and the lowest total that the neighborhood has seen since 1991.
If you’ve got your home on the market in Montclare, you may as well settle in for a long wait. The turnover time in the neighborhood is one of the longest in all of the greater Chicagoland region.
Buyers must wait an average of 220 days, or more than seven months, to find a buyer. This is a 137 percent increase over last year, and dismal news for homeowners in a hurry to sell.
With market conditions as they are, it’s no surprise that prices in the area are starting to drop. The average sales price during the third quarter stood at $275, 318, the lowest the buyers in the neighborhood have seen since 2003 and a 19 percent drop from last year.
Buyers could continue to see a further decline in the average sales price for homes in the area as the unsold inventory of Chicago Homes for sale grows.
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