Sales of single family homes are dropping around the Chicago region. Many areas are seeing fresh lows as buyers are unable to qualify for financing under tighter restrictions from banks and lenders.
Gurnee is no exception. The city saw a total of 98 homes sold during the third quarter, down from 124 homes sold during the same period in 2006. This is the lowest total sales for the quarter since 1992.
As demand falls in the area, the supply of unsold homes on the market is rising fast. If you’re selling your home in the area it will now take you an average of 126 days to find a buyer. This is a huge jump from last year, when it took an average of 78 days to find a buyer.
Despite weak numbers coming out of the market, prices continued to rise in the area. The average sales price rose during the third quarter by 6 percent. Buyers should beware of getting in the market at its peak. If demand continues to drop in the area, many sellers may be forced to offer significant rebates on their homes. Find great deals on Chicago Homes For Sale around Gurnee today.
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