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.
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