Sales of single-family homes slowed during the first quarter in Zion, but showed some signs of strength after plummeting in 2007. Sales were off by nearly 10 percent in the area during the first quarter.

According to data from the Chicago Association of Realtors, a total of just 61 single-family homes were sold in the neighborhood during the first quarter, down from 67 sold during the same period last year. The first quarter of 2006 was the best for the city, with 92 units sold.

The drop in sales led to a rapid decline in the average sales price during the first quarter. The average sales price fell by 20 percent from the same period last year, and could continue to fall as the inventory of unsold units on the market rises in Zion.

Homeowners and developers are facing one of the slowest markets in recent memory. After breaking through the 100-day barrier for the first time in more than a decade last year, the average turnover time continued to increase. If you’re planning on selling your home, it will now take you an average of 195 days to find a buyer, up from 103 days a year ago.

This could mean even greater deals for buyers looking for low prices on North Shore Chicago Real Estate.

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This entry was posted on Sunday, August 3rd, 2008 at 5:32 pm and is filed under Waukegan Real Estate(t) . You can leave a response.