Deerfield homeowners breathed a sigh of relief as sales remained strong during the third quarter. As sales dropped as much as 20 percent around the Chicago region, Deerfield saw a slight 6 percent decline during the third quarter.
According to data from the Chicago Association of Realtors, a total of 85 homes were sold during the quarter, down from 68 units sold during the third quarter of 2006.
However, homeowners in the area may not be out of the clear just yet. Despite relatively stable sales, the average turnover time in the area was up sharply. If you are selling your home in Deerfield, it will now take you an average of 124 days to find a buyer, a 50 percent increase from just a year ago.
The rising inventory of homes on the market could lead to falling prices in the area if demand doesn’t pick up in the short term. However, prices haven’t started dropping just yet. The average sales price was up another 2 percent during the third quarter. Buyers should stay alert for possible deals in the area. If you’re on the market for Chicago Homes in Deerfield, watch for falling prices in the next few months.
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