Sales of single-family homes were down by 50 percent during the first quarter in Norwood Park. The neighborhood was one of many around Chicago that were hard hit during the quarter.
According to data from the Chicago Association of Realtors, a total of 24 homes were sold in the neighborhood during the first quarter, down from 48 homes sold during the same period in 2007. It was well off the high of 70 homes sold during the first quarter 2006, and the worst result for the neighborhood in more than 16 years.
The drop in demand led to a longer turnover time for units on the market in Norwood Park. Homeowners and developers had to wait an average of 151 days to find a buyer during the first quarter, up from 121 days a year ago.
One area where the neighborhood faired better than most in Chicago was prices. The average sales price was unchanged during the first quarter, while in many parts of the city prices fell sharply.
However, buyers could start to see lower prices in the short term if demand doesn’t pick up for Chicago Homes For Sale in Norwood Park.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Norwood Park Homes For Sale
