Roseland has seen a drop in condo sales for the third consecutive year, according to a report from the Chicago Association of Realtors.
During the second quarter, a total of 82 homes were sold, down 17 percent from the same period last year. This is also more than 30 percent off the peak seen in 2004.
Home owners are facing more difficulties in finding a buyer in the neighborhood as well. According to the C.A.R. report, the turnover rate for the neighborhood is now at 101 days, up from 73 last year.
While this is still below the average turnover rate for all of Chicago, it’s cause for concern for residents of a neighborhood that has seen rates as low as 45 days just five years ago.
Home owners are feeling the effects of the drop in demand in their wallet. The average sales price in the Chicago neighborhood has dropped for the first time since 2002. A home in Roseland now sells for $116,551, an eight percent decline from last year.
The market for Chicago Homes has seen a decline in demand throughout the city.
Technorati Tags: Chicago Homes, Roseland Real Estate News, Chicago Real Estate Report
