Sales of single-family homes fell again during the second quarter. Sales hit their lowest point for the quarter since 1992.
According to data from the Chicago Association of Realtors, a total of just 1,691 single-family homes were sold during the second quarter citywide, down from 2,247 homes sold during the same period last year. It was the fourth straight year of declining sales for the quarter.
Prices were also affected by the significant drop in sales during the second quarter. The average sales price fell by nearly 20 percent for the first time in years in the city. The average sales price during the second quarter was just $320,727, the lowest since 2004. Last year was the peak for prices for single-family homes in the city, reaching more than $386,000.
Meanwhile, homeowners and developers around the city are facing one of the slowest markets in recent memory. After breaking through the 100-day barrier a year ago, the average turnover time continued to rise during the second quarter. If you’re selling your home in the city, you can expect to wait an average of 145 days to find a buyer, the longest wait in more than 18 years.
However, buyers looking for great deals on Chicago Homes For Sale are starting to see some incredible deals around the city.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Chicago Home Sales
Published by Aaron July 31st, 2008
in Chicago condos.
Buyers on the market for a luxury condominium in Chicago’s South Loop can find plenty of great deals in the area. One new luxury condominium development in the area is Park 1000, located at 1000 S Michigan.
The development is a project by Renaissant Development Group, an Oak Brook-based developer that has plenty of experience bringing luxury units to the market. Buyers can choose from several floor plans in this 40-story building. The most affordable unit is a one-bedroom condominium that offers a total of 920 square feet of living space. This condominium is priced from $280,000.
If you need a lot more space, there are also several two and three-bedroom condominiums available at Park 1000. The largest three-bedroom unit offers a total of 2,122 square feet of living space, and is priced up to more than $1.4 million.
Residents will love the long list of amenities that include granite countertops, high-quality cabinets, and an appliance package in the kitchen. Each unit also comes with hardwood floors, carpeted bedrooms, and a private balcony. The full-service building has everything you need to enjoy an active lifestyle. These condominiums are a great choice for buyers looking for the best in Chicago Real Estate.
Technorati Tags: Park 1000, Chicago Condos For Sale, Chicago Real Estate
Sales of single-family homes remained steady after plunging last year during the first quarter in Markham. Sales were off less than 10 percent during the first quarter.
According to data from the Chicago Association of Realtors, a total of 32 homes were sold around Markham during the first quarter, down from 34 units sold during the same period last year. Sales had reached their high of 59 units just two years ago, but problems in the mortgage market has led to many buyers being left on the sidelines.
However, the inventory of unsold homes on the market skyrocketed during the first quarter. The average turnover time rose to unprecedented levels. If you’re planning on selling your home in the area, it will now take you an average of 134 days to find a buyer, up from 82 days a year ago.
All of these factors are combining to bring prices down in the neighborhood, giving buyers on the market for a great deal on Chicago Homes For Sale plenty of opportunities. The average sales price was down by an impressive 34 percent during the first quarter, erasing gains seen during the past five years in the neighborhood.
Technorati Tags: Chicago Homes for Sale, Chicago Real Estate, Markham Homes