Looking to buy on the North Shore of Chicago? Buyers are starting to see some great prices on homes in the area, which could serve to spur demand. The average sales price fell by 14 percent during the first quarter, and could continue to fall even more as more homes sit unsold on the market in Waukegan. Waukegan has seen a drop in sales in single-family homes during the past five years. Sales fell below 100 units for the first time in more than 17 years.

According to data from the Chicago Association of Realtors, a total of just 86 single-family homes were sold during the first quarter in the neighborhood, down from 113 units sold during the same period last year. It was the fifth consecutive year of declining demand in the neighborhood, after hitting a high of 184 homes sold during the first quarter 2003.

If you’re selling your home in the area, it will now take you an average of 164 days to find a buyer, up from 135 days a year ago. This is the longest that it has taken to find a buyer in more than 17 years, and will continue to affect prices for North Shore Chicago Real Estate in the area.

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

This entry was posted on Wednesday, July 16th, 2008 at 8:32 am and is filed under Waukegan Real Estate(t) . You can leave a response.