Sales of single-family homes fell sharply in 2007 in South Chicago. The neighborhood was one of many areas around Chicago that suffered from a deep decline in demand during the year.
According to data from the Chicago Association of Realtors, a total of just 86 homes were sold in the neighborhood in 2007, down from 120 homes sold during the previous year. This was the worst result for the neighborhood since 1999, and represents a 28 percent drop in sales in just one year.
The drop in demand led to a longer market time for units on the market in South Chicago. If you’re selling your home, it will now take you an average of 114 days to find a buyer, up from 83 days a year ago. This is the first time in 17 years that the average market time has crossed the 100-day barrier, which is putting pressure on prices.
The average sales price plunged during the year. According to the C.A.R. report, prices for homes sold in 2007 were 13 percent lower than during the previous year. There is no end in sight for the market in South Chicago. With low demand and a long market time for homes on the market, buyers should continue to see great prices for Chicago Homes For Sale in the area.
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