The real estate market in Des Plaines saw a decline in sales of single family homes for the fourth consecutive year. According to statistics from the Chicago Association of Realtors, a total of 90 homes were sold during the third quarter.
This is a 27 percent drop from the same period in 2006, and it is the lowest total sales seen during the third quarter in more than 16 years.
The record low sales have led to a marked rise in the inventory of unsold homes sitting on the market. If you’re selling your home in Des Plaines, it will now take you an average of 120 days, up from 75 days just a year ago. It is also the first time in more than 16 years that the average turnover time has passed the 100-day mark.
With the market in a tailspin in Des Plaines, it’s no surprise that the average sales price continued to drop around the neighborhood. The average sales price fell by 2 percent during the third quarter, the second straight year of declining prices in Des Plaines.
Buyers should see even lower prices in the area until demand picks up again. Keep an eye out for great deals on Chicago Homes For Sale in Des Plaines and take advantage of incredible prices today.
Technorati Tags: Des Plaines Real Estate, Chicago Homes For Sale, Chicago Real Estate
