Sales of single-family homes were down during the fourth quarter as many buyers are facing problems qualifying for a new mortgage from banks and lenders.
According to the Chicago Association of Realtors, a total of just 59 homes were sold in the neighborhood during the fourth quarter. This is an 11 percent drop from the same period in 2006 and the lowest total sales for the neighborhood during the fourth quarter since 1993.
The drop in demand is leading to further pressure on the market as the average turnover time continues to increase. If you’re selling your home in Norwood Park, it will now take you an average of 159 days to find a buyer. This is more than double the 75 days it took a year ago to find a buyer in the neighborhood.
Even lower prices weren’t enough to attract more interest for homes around Norwood Park. The average sales price during the fourth quarter fell by 6 percent from the same period in 2006, and could continue to fall if demand doesn’t pick up in the short term.
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