Sales of single family homes were down in Alsip during the third quarter. According to recent data from the Chicago Association of Realtors, a total of 21 homes were sold in the area during the third quarter, down from 46 during the same period last year.
It is the lowest total sales for the quarter in Alsip since 1991.
Meanwhile, if you’re selling your home in the area, it will now take you an average of 111 days, or nearly 4 months, to find a buyer. This is the longest average turnover time that the neighborhood has seen in more than 16 years, and a sign that the inventory of homes for sale is increasing.
The drop in demand and rising inventory of homes for sale in Alsip has led to a slight correction in prices for Chicago Homes For Sale in the area. The average sales price during the third quarter was four percent lower than during the same period last year.
Buyers should continue to see even lower prices for homes around Alsip if demand doesn’t recover in the short term. Look out for great prices on quality real estate in this popular Chicago suburb.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, Alsip Real Estate Report
