Sales of single-family homes fell to a new low in Brighton Park in 2007 amidst one of the most difficult market in recent years.
According to data from the Chicago Association of Realtors, a total of just 63 homes were sold in the neighborhood in 2007, down from 100 units sold in 2006. This is the first time that sales have dropped below the 100-unit mark in 15 years.
Homeowners and developers are also seeing one of the slowest markets in recent memory. The average turnover time for homes sold in 2007 jumped to 114 days, a nearly 50 percent increase in just one year. It is also more than five times higher than the average turnover time seen in 2005, when it took 24 days to sell a home in Brighton Park.
However, despite the drop in demand and rising inventory of unsold homes sitting on the market in the neighborhood, prices continued to rise in the neighborhood. The average sales price in 2007 posted a 3 percent increase from the previous year. Buyers looking for Chicago Homes For Sale in Brighton Park may want to beware of getting in the market at its peak.
If demand doesn’t increase in the short term, many homeowners may be forced to offer incentives to attract new interest to the area.
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