Sales of new and re-sale condominiums in Jefferson Park fell for the fourth consecutive year in 2007. The neighborhood was one of several around the Chicago region to see demand fall to new lows during the year.
According to data from the Chicago Association of Realtors, a total of 245 single-family homes were sold in the neighborhood during the year, down from 299 homes sold in 2006. It was the worst result for the neighborhood since 1994.
Homeowners and developers are facing one of the slowest markets in recent memory in Jefferson Park. The average turnover time for units on the market broke through the 100-day barrier for the first time in more than a decade in 2007. If you’re selling your home in the neighborhood, it will now take you an average of 118 days to find a buyer, up from 72 days a year ago.
A rising inventory and slowing demand combined to bring down prices in 2007. The average sales price fell by an incredible 27 percent in 2007, and could continue to fall even lower. Buyers should keep an eye out for great prices on Chicago Homes For Sale around the neighborhood.
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