Sales of single-family homes fell yet again during the first quarter in Maywood. The Chicago suburb was one of many to see a drop in demand during the first quarter. It was also the third straight year of declining sales in the neighborhood.
According to data from the Chicago Association of Realtors, a total of just 20 single-family homes were sold in the neighborhood during the first quarter, down from 29 sold during the same period last year. It was well off the high of 67 units sold during the first quarter 2005, the peak of the market.
The average market time for homes listed in Maywood broke through the 100-day barrier for the first time in more than 17 years. If you’re selling your home in the area, it will now take you an average of 117 days to find a buyer, up from 95 days a year ago.
With an increasing number of unsold homes on the market and demand at a new low, it’s no surprise that prices are starting to head south as well. The average sales price of homes sold during the first quarter fell by 24 percent from the same period last year, wiping away much of the gains in home values seen since 2003.
Buyers looking for great deals on Chicago Homes For Sale are starting to take advantage of low prices in Maywood.
Technorati Tags: Maywood Real Estate, Chicago Homes For Sale, Chicago Real Estate
