Sales of single-family homes dropped by 27 percent in 2007 in South Shore. It was the largest decline in sales in the neighborhood in more than 16 years.
According to data from the Chicago Association of Realtors, a total of 97 homes were sold in the neighborhood during the year, down from 132 units sold in 2006. It is the first time sales have dipped below the 100-unit mark since 2001.
The drop in demand in the area led to a marked increase in the average turnover time. According to the C.A.R. report, it took homeowners and developers an average of 121 days to find a buyer in 2007, up from 88 days in 2006. This is the second time the average turnover time has risen above 100 days in 16 years.
However, despite the rise in unsold homes on the market and sliding demand, prices continued their upward march in South Shore. The average sales price rose by 6 percent in 2006.
Whether prices will continue to rise remains a mystery in the neighborhood. As more homes crowd the market, some sellers may be forced to offer incentives to attract more interest from buyers. Find great deals on Chicago Homes For Sale in South Shore and every other neighborhood in the city.
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