Sales of single-family homes fell to a new low during the first quarter in Portage Park. The neighborhood was one of the hardest hit by the downturn in sales around Chicago.
According to data from the Chicago Association of Realtors, a total of just 33 new and re-sale homes were sold in the area during the first quarter, down from 61 units sold during the same period in 2007. It was the third straight year that sales have fallen in the neighborhood, and nearly two-thirds off the high of 95 homes sold in 1998.
Buyers are starting to see some great prices for single-family homes around Portage Park. The average sales price fell by an impressive 9 percent during the first quarter, and could continue to fall as the inventory of unsold homes continues to increase in the area.
If you’re planning on selling your home in Portage Park, you may want to get ready for a long wait. The average turnover time for homes on the market rose to 157 days during the first quarter. This is only the second year that turnover times have been above 100 days. Buyers should keep an eye out for great deals on Chicago Homes For Sale in Portage Park.
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