Sales of single family homes hit a new low during the third quarter in Elmwood Park. According to data from the Chicago Association of Realtors, a total of 36 homes were sold during the third quarter.
This is a 25 percent drop from the same period in 2006, and the lowest total for the quarter in more than 16 years.
The drop in sales in the area has led to an increase in the inventory of unsold homes sitting on the market. According to the C.A.R. report, if you are selling your home in Elmwood Park, you can expect to wait an average of 150 days to find a buyer. This is more than 2 months longer than last year, and is starting to put pressure on prices in the area.
The average sales price during the third quarter was 1 percent lower than during the same period in 2006, and could continue to drop. Buyers could start to see even better prices in the area as sellers compete for the limited demand for homes in Elmwood Park.
Keep an eye out for great prices on Chicago Homes For Sale in Elmwood Park.
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