After two consecutive years of declining sales, River Forest saw a slight increase in the number of single family homes sold during the third quarter.
According to data from the Chicago Association of Realtors, a total of 28 homes were sold in the neighborhood during the third quarter, up from 23 homes sold during the same period in 2006.
The market still has a ways to go, however. Despite the rise in sales, the average turnover time for homes on the market also rose to a new high. If you’re selling your home in River Forest, it will now take you an average of 104 days to find a buyer. The average turnover time during 2006 stood at 73 days.
However, prices in the neighborhood continued to inch up despite a larger inventory of unsold homes sitting on the market. The average sales price rose by 11 percent during the third quarter.
If demand doesn’t rise in the neighborhood, and the turnover time for homes on the market continues to increase, then many sellers may be forced to offer a lower asking price. Buyers looking for Chicago Homes For Sale may start to find lower prices in River Forest in the next few months.
Technorati Tags: River Forest Homes, Chicago Homes For Sale, Chicago Real Estate
