The real estate market in Irving Park saw a large drop in sales during the fourth quarter, according to a report from the Chicago Association of Realtors.
According to the report, a total of 27 single family homes were sold during the quarter, down from 58 units sold during the same period in 2006. It is the lowest total sales for the fourth quarter in more than 16 years and yet another sign of weakness in the market.
Homeowners looking to sell their property in Irving Park are facing an uphill battle in the area. If you’re looking to sell your property, it will now take you an average of 140 days to find a buyer, up from 81 days just a year ago.
The rise in the number of homes sitting on the market and the drop in demand around Irving Park didn’t lead to lower prices in the area. The average sales price for homes sold during the fourth quarter rose by 4 percent from the same period last year.
Buyers could start to see lower prices in the neighborhood if demand doesn’t increase in the short term. Keep an eye out for great deals on Chicago Homes For Sale in the neighborhood.
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