Sales of single-family homes were down during 2007 in Lakeview, the second consecutive year that sales have declined in the neighborhood.
According to data from the Chicago Association of Realtors, a total of 129 homes were sold in the neighborhood in 2007, down from 156 units sold in 2006. It is also well off the high seen in 2005, when 190 single-family homes were sold in the neighborhood.
However, while sales were off sharply during the year, the inventory of homes on the market dropped significantly. Homeowners and developers who sold their property during the year waited an average of just 59 days to find a buyer, down from 136 days in 2006.
Buyers also seemed to focus on more luxurious properties around Lakeview. The average sales price jumped by 30 percent in 2007, one of the largest increases seen in any Chicago neighborhood with significant sales during the year.
Buyers looking for Chicago Homes For Sale in Lakeview may have to wait to find great deals on units in the area. However, many other neighborhoods are already seeing lower prices that won’t last long.
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