The Chicago condo market continues to suffer from a drop in demand, particularly for single-family homes around the city.
According to data from the Chicago Association of Realtors, a total of just 1,175 homes were sold in the city during the first quarter, down from 1,705 homes sold during the same period in 2007. It is more than 50 percent less than the high of 2,451 homes sold in the first quarter 2004.
The drop in demand led to a sharp increase in the average turnover time for homes on the market. It took homeowners an average of 161 days to find a buyer during the quarter, up from 110 days in the same period in 2007. This is the longest that it has taken to find a buyer in more than 16 years.
However, the slow market is helping some buyers get back in the market. The average sales price for homes sold during the first quarter dropped to a two-year low, sliding nearly 20 percent to $336,375.
Buyers are starting to pick up some great deals on Chicago Homes for Sale in many neighborhoods around the city.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Chicago Home Sales
