Buyers looking for a home on the North Shore could get lucky in Deerfield, which is facing one of the slowest markets in recent memory during the first quarter. In fact, sales of single-family homes in the North Shore community have hit a 16-year low.

According to data from the Chicago Association of Realtors, a total of just 12 units were sold during the first quarter in the village, a 64 percent drop in sales in just one year. The drop in demand for single-family homes led to higher inventory levels and a significant decline in prices.

The average sales price for homes in Deerfield fell by 14 percent from the same period in 2007, and could continue to fall as homeowners and developers face one of the longest average turnover times in the past two decades.

If you’re selling your home in the area, it will now take you an average of 240 days to find a buyer, up from 148 days a year ago and more than double the time it took to find a buyer in 2006. This could lead to further declines in prices for homes in the neighborhood.

Buyers should keep close tabs on market conditions in Deerfield, as there may be some incredible deals for North Shore Chicago Real Estate in the area.

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This entry was posted on Friday, May 23rd, 2008 at 12:49 pm and is filed under Deerfield Real Estate(t) . You can leave a response.