Sales of single-family homes across the city of Chicago were down by more than 20 percent during the third quarter. However, some neighborhoods were able to buck the trend and saw higher prices and strong sales during the quarter.
Beverly is one Chicago neighborhood that appears to be weathering the storm. A total of 41 homes were sold in the area during the third quarter, one more than during the same period last year. However, in one of the weakest markets the city has seen in years, any improvement in sales is welcome news for homeowners.
The inventory of unsold homes on the market in Beverly declined during the third quarter, more welcome news for homeowners and developers. The turnover time for a home on the market stood at 90 days, a 10 percent drop from last year.
With fewer homes sitting on the market and steady demand, it’s no surprise that prices continued to rise during the third quarter. The average sales price for homes sold in Beverly during the quarter rose by 6 percent from the same period last year.
If market conditions in the area remain strong, Beverly could avoid any large swing in prices in the short term. However, whether the market for Chicago Homes For Sale in Beverly can withstand the storm battering other neighborhoods in the city remains to be seen.
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