Sales of condominiums and lofts fell 45 percent during the second quarter in Deerfield. It was the third straight year that sales have fallen in the area during the second quarter.

According to data from the Chicago Association of Realtors, a total of 18 condominiums and lofts were sold during the second quarter, down from 33 units sold during the same period last year. It was the worst result for the real estate market in Deerfield in more than 17 years.

However, low sales could mean more deals for buyers still looking for a condominium in Deerfield. The average sales price fell by 13 percent during the second quarter, and could continue to drop as the inventory of unsold units rises. It was the second straight year of lower prices during the second quarter, after hitting a high of nearly $331,000 in 2006.

The average turnover time for condominiums on the market in Deerfield skyrocketed during the second quarter. If you’re planning on selling your condominium, it will now take you an average of 163 days to find a buyer, nearly double the time it took a year ago. Buyers looking for great deals on North Shore Chicago Condos could start seeing some low prices around Deerfield.

Technorati Tags: Chicago Condos, Chicago Real Estate, North Shore Chicago Condos, Deerfield Condos

Buyers on the market for a new single-family home in the Chicago suburbs are starting to see some great deals on homes by Lennar. Lennar is one of the largest homebuilders in the United States.

This weekend, the company is offering huge incentives for new buyers at their many new communities around the Chicagoland region. Buyers who sign a contract for a new home in one of the 13 communities under development in the Chicago region will receive a 5.75 percent loan from Lennar’s lender. The fixed-rate loan will save you thousands of dollars on overall costs throughout the life of the loan.

New buyers won’t have to pay any closing costs, which will also save you thousands of dollars. Closing costs can be a big surprise for many buyers.

New communities around the Chicagoland region include Greywall Club in Joliet, Creekside Crossing in Plainfield, Trafalgar Woods Townhomes in Morton Grove, and Arlington Reserve in Arlington Heights.

Don’t miss out on these great incentives that can potentially save you thousands of dollars in costs over the lifetime of your loan. Check out the great deals on North Shore Chicago Real Estate in many new developments around the region today.

Technorati Tags: North Shore Chicago Real Estate, Chicago Real Estate, Lennar Homes, Chicago Homes For Sale

Data from the construction industry did little to calm fears of a deeper drop in demand for real estate across the nation. According to data released by the Commerce Department on Thursday, construction of single-family homes was off by 5.3 percent in June.

However, when looked at in conjunction with construction of multi-family units, the indicator showed an increase in activity nationwide. Construction of all types of residential units was up by 9.1 percent across the country, spurred by a notable increase in the construction of apartments in New York City.

The 5.3 percent drop in construction of single-family homes, however, brought the seasonably adjusted rate to a 17-year low. At the current rate of construction, 647,000 new homes would be built around the country this year.

In further bad news for the housing industry, jobless claims were up yet again. The number of new applications for unemployment benefits rose to 366,000, the highest since late last month. Jobless claims generally set the tone for the market, and a higher unemployment rate often leads to a downturn in residential sales. However, this came in ahead of expectations on Wall Street.

However, for buyers on the market for North Shore Chicago Real Estate, the drop in demand could lead to some great deals on homes in the area.

Technorati Tags: North Shore Chicago Real Estate, Chicago Homes For Sale, Chicago New Homes