Sales of single family homes dropped during the third quarter in Gurnee. This quiet north shore neighborhood saw a total of just 98 homes sold during the quarter, according to data from the Chicago Association of Realtors.

This is a 21 percent drop in sales for the neighborhood in just one year, and is the first time sales dropped below 100 since 1992 during the fourth quarter.

The drop in demand for single family homes in Gurnee led to an increase in the number of homes sitting on the market. If you’re selling your home in the neighborhood, it will now take you an average of 126 days to find a buyer, up from 78 days a year ago.

However, despite the drop in demand for homes in Gurnee and the rise in the turnover time, prices continued to increase around the neighborhood. The average sales price during the fourth quarter posted a 6 percent increase during the third quarter to stand at just over $350,000.

Buyers could start to see lower prices if demand doesn’t pick up around the neighborhood in the next few months. Stay up to date with the latest news and statistics for the market and find great prices on North Shore Chicago Real Estate.

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This entry was posted on Monday, February 25th, 2008 at 6:36 pm and is filed under Waukegan Real Estate(t) . You can leave a response.