After two years of declining sales of single-family homes in West Town, buyers came back to the neighborhood to take advantage of excellent prices.
According to the Chicago Association of Realtors, a total of 31 homes were sold in the neighborhood during the first quarter, up from 22 units sold during the same period in 2007. It is a two-year high for sales in the neighborhood.
Buyers may have been convinced by the excellent deals to be had in West Town. The average sales price during the quarter dropped by 16 percent from the same period in 2007, and now sits at $752,517.
However, despite the jump in sales, homeowners were still facing one of the slowest markets in recent memory in the neighborhood. It took an average of 197 days to find a buyer in West Town during the first quarter, up from 154 days a year ago. This is an all-time high for the neighborhood, and a sign that there may be further deals to be had.
If you’re on the market for a luxury home at an affordable price, keep an eye out for great deals on Chicago Homes For Sale in West Town in the next few months.
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