Sales of single-family homes rose sharply during the first quarter in West Town, despite a downturn in sales in most other neighborhoods around the Chicago region.
According to data from the Chicago Association of Realtors, a total of 31 units were sold in the neighborhood during the first quarter, up from 22 units sold during the same period last year. The increase in sales is good news for the real estate market in West Town, after two straight years of declining sales in the area.
The increase in sales came as prices continued to drop in the neighborhood. The average sales price fell by 16 percent during the first quarter, and could continue to drop as the inventory of units on the market rose yet again.
According to the C.A.R. report, homeowners and developers are facing one of the slowest markets in years in West Town. The average turnover time rose to 197 days during the first quarter, up from 154 days a year ago. This could lead to even lower prices in the short term, and higher demand for Chicago Homes For Sale in the area. Keep an eye out for great deals on homes in the neighborhood over the next few months.
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