Sales of single-family homes have come down around the city of Chicago, as well as in most suburban cities in the region. West Pullman was no exception. While sales have remained relatively strong in the neighborhood, the first quarter saw a slight drop in demand.
According to the Chicago Association of Realtors, a total of 48 single-family homes were sold around West Pullman during the first quarter, down from 59 units sold during the same period in 2007. It was disappointing for homeowners, who saw sales improve during 2007.
The drop in demand is leading to an increase in the average market time for single-family homes for sale in West Pullman. If you’re selling your home in the neighborhood, it will now take you an average of 151 days to find a buyer, up from 110 days a year ago. This is the longest it has taken to find a buyer in more than 17 years.
The rise in inventory and falling demand have combined to bring prices down in West Pullman. The average sales price fell by 29 percent during the first quarter, and could continue to drop in the next few months if demand doesn’t pick up in the short term.
Buyers should be able to find great deals for Chicago Homes for Sale around the neighborhood.
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