Sales of single-family homes hit a new low in Garfield Ridge in 2007. According to data from the Chicago Association of Realtors, a total of 243 homes were sold in the neighborhood during the year, down from 325 units sold in 2006.
It is the lowest total sales seen in the neighborhood since 1992, when just 124 homes were sold.
Buyers seemed to be looking for the best deals in the neighborhood. The average sales price for homes sold during the year dropped by 9 percent from prices seen in 2006. This is the first time prices have dropped in 11 years in Garfield Ridge, and the biggest decline seen in more than 16 years.
Homeowners and developers are also seeing one of the slowest markets in recent memory. The average turnover time for homes sold in 2007 broke through the 100-day mark for the first time in 16 years. It now takes an average of 116 days to find a buyer, up from 77 days a year ago.
Buyers looking for great deals on Chicago Homes For Sale are starting to see excellent prices for quality homes in Garfield Ridge.
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