Sales of single-family homes fell for the second consecutive year in Elgin, amidst one of the most difficult real estate markets in recent memory.
According to data from the Chicago Association of Realtors, a total of just 128 homes were sold in the neighborhood during the first quarter, down from 194 homes sold during the same period last year. This is more than 50 percent below the high of 259 homes sold during the first quarter 2006.
However, the decline in demand could be reversed in the next few months as prices start to come down in the neighborhood. The average sales price fell by an impressive 12 percent during the first quarter, and could fall even further in the short term as market times for homes for sale in Elgin hit an all-time high.
It now takes an average of 169 days to find a buyer for a single-family home on the market in Elgin, up from 124 days a year ago. Buyers looking for a great deal on Chicago Homes For Sale should keep a close eye on the market conditions in this suburban community.
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