Sales of single-family homes in Lincoln Square rebounded during the third quarter, according to the most recent report from the Chicago Association of Realtors.
The neighborhood saw a decline of just over 40 percent during the third quarter of 2006. However, during the third quarter of 2007, sales of single-family homes increased by 50 percent, bringing the total back to the typical range for the neighborhood.
However, there was more bad news for homeowners looking to sell their home in Lincoln Square. The inventory of homes on the market increased, meaning that demand will have to pick up even further in Lincoln Square.
The turnover rate in the area now stands at 128 days, the longest wait that Lincoln Square residents have faced in over 15 years.
The average sales price continued its upward march. During the third quarter, the average price for a home in Lincoln Square was $726,946, a 6 percent increase over last year.
If demand doesn’t pick up in the neighborhood, then homeowners may have to start offering price cuts.
Many owners of Chicago Homes have had to lower their prices to attract new buyers. Lincoln Square homeowners may soon find themselves in the same situation.
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