Sales of new and older single-family homes around West Lawn continued to decline during the first quarter. It was one of the biggest declines seen in the neighborhood in the last three years.
According to data from the Chicago Association of Realtors, a total of just 27 homes were sold in the area during the first quarter, a 44 percent decline in sales in just one year. It was the third consecutive year that sales have fallen in the neighborhood, after reaching a peak of 103 units sold during the first quarter in 2005.
The drop in demand for single-family homes led to a marked increase in the number of unsold homes sitting on the market. Homeowners are now waiting much longer to find a buyer. If you’re selling your home in the area, it will now take you an average of 166 days to find a buyer, up from 121 days a year ago. It is more than double the time it took to sell a home in 2006 in West Lawn.
Prices are starting to fall, and are almost below levels seen five years ago in the neighborhood. The average sales price fell by 16 percent during the first quarter, and now sits just 20 percent higher than prices seen five years ago. Buyers looking for great deals on Chicago Homes For Sale are finding them in West Lawn.
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