Sales of single-family homes came to a virtual standstill in Edgewater. The neighborhood was one of several hard hit areas around Chicago as buyers face increasing difficulty in finding a new mortgage.
According to data from the Chicago Association of Realtors, a total of just 4 single-family homes were sold during the first quarter, down from 18 homes sold during the same period in 2007. This was an all-time high for the neighborhood. However, the result for the first quarter 2008 was the worst seen in the neighborhood in 17 years.
Prices came down in the neighborhood for single-family homes during the first quarter. The average sales price fell by 2 percent from the same period last year, and could continue to drop as the market gets flooded with unsold properties.
Homeowners and developers are facing one of the most difficult markets in recent memory. The average turnover time hit a record during the first quarter. If you’re selling your home in the neighborhood, it will now take you an average of 360 days to find a buyer, nearly 200 days longer than it took just a year ago.
Buyers should stay alert for great deals on single-family homes around Edgewater. Browse through the best Chicago Homes for Sale today.
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