Sales of single-family homes came to a virtual stand still during the third quarter.
According to the third quarter report from the Chicago Association of Realtors, a total of six homes were sold during the third quarter. This represents a 57 percent decline from last year and is the lowest total for the quarter in more than 15 years.
Condo owners and developers are starting to feel the pinch of the slow market in the neighborhood. There are fewer homes for sale in the area than last year. Despite the dramatic drop in sales, the turnover time for homes on the market dropped to 81 days in Avondale, an 11 percent decline from last year.
Many homeowners may be waiting for prices to rebound. The average sales price has dropped for two consecutive years in the neighborhood. During the third quarter, the average sales price stood at $401,416, down two percent from the same period last year.
While buyers may find lower prices on Chicago Homes For Sale in the neighborhood in the next few months, many homeowners may be content to sit and wait for better market conditions before putting their home on the market.
Technorati Tags: Avondale Real Estate Update, Chicago Real Estate Market, Chicago Homes For Sale
