Sales of single-family homes have fallen throughout the greater Chicagoland region. Many neighborhoods are seeing record low demand. West Elsdon is one Chicago neighborhood that has seen a sharp decline in demand for single-family homes.
According to data from the Chicago Association of Realtors, a total of just 12 homes were sold in West Elsdon during the first quarter, down from 23 homes sold during the same period in 2007. It was well off the high for the first quarter reached in 2004, when 40 units were sold.
Homeowners and developers are seeing one of the slowest markets in recent memory. The average market time surged to 236 days for a home for sale in West Elsdon, up from 102 days during the first quarter 2007. This is a record high market time for the neighborhood, which was accustomed to a quick turnaround for homes on the market.
Prices have started to come down in the neighborhood. The average sales price for homes sold during the first quarter plunged by 19 percent from the same period in 2007. The high number of unsold homes on the market could bring prices down even further in the neighborhood.
Buyers should keep an eye out for great deals on Chicago Homes For Sale in West Elsdon as well as many other neighborhoods around the city.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, West Elsdon Homes
