The real estate market in Portage Park saw a sharp decline in sales during the fourth quarter. According to data from the Chicago Association of Realtors, a total of just 38 homes were sold during the fourth quarter.
This is a drop of 42 percent in just one year in sales and the lowest total sales for the quarter in more than 16 years.
The huge decline in sales has led to a bottleneck of inventory on the market. If you’re thinking about selling your home in Portage Park, it will now take you an average of 173 days to find a buyer, more than double the time it took to find a buyer just a year ago.
The rising inventory of homes on the market and limited demand in the area has led to a sharp drop in prices. The average sales price for homes sold during the fourth quarter in Portage Park was down 6 percent from the same period in 2006, and could continue to drop if demand doesn’t pick up in the short term.
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