Garfield Ridge is seeing a decline in sales of single-family homes.
According to the Chicago Association of Realtors, the number of single family homes sold in the neighborhood during the third quarter of 2007 declined for a second straight year to 67.
This is a 27 percent decline over the same period last year, and more than 50 percent lower than two years ago.
Sales in Garfield Ridge have been affected by a drop in demand around the city due to problems in the mortgage market.
Many buyers are unable to qualify for a loan under new tougher requirements by banks and lenders.
Banks have been hard hit by the increase in foreclosures around the nation. Foreclosures jumped 12.5 percent during August, according to RealtyTrac, Inc.
The average sales price for a home in Garfield Ridge dropped after 10 straight years of gains. The average sales price now stands at $274,192, a 5 percent drop over last year.
Buyers could continue to see lower prices in the neighborhood if demand continues to drop.
The market for Chicago Homes in neighborhoods around the city should start to offer excellent bargains as sellers compete for fewer buyers.
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