Sales of single-family homes in Morgan Park dropped to a 10-year low during the third quarter.
According to the Chicago Association of Realtor’s third quarter report, a total of 36 homes were sold during the period, the lowest total for the third quarter since 1997. It is also a 31 percent drop from the same period last year.
Homeowners are facing one of the most difficult markets that the neighborhood has seen in years. If you are selling your home in Morgan Park, it will now take you an average of 112 days to find a buyer. This is more than 50 percent higher than last year, and the longest turnover time in more than 15 years.
However, despite the dramatic drop in demand and increasing supply of homes on the market, prices continued to climb in Morgan Park. The average sales price stood at $222,105 during the third quarter, a 5 percent increase from the same period last year.
Buyers should beware of entering the market at the peak. If demand doesn’t absorb the available stock of housing on the market, prices could start to come down in the next few months. Look out for excellent deals on Chicago Homes For Sale http://www.chicagohomeforsale.com/ in Morgan Park in the short term.
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