Home Sales Hit New Low In Lake Forest
October 24th, 2007 by JakeHomeowners looking to sell their home in Lake Forest are facing one of the most difficult real estate markets the area has seen in years.
According to the most recent report from the Chicago Association of Realtors, a total of 68 homes were sold in the neighborhood during the third quarter, the lowest total for the period in over 15 years. Sales were off by 19 percent from the same period last year.
If you’re selling your home in Lake Forest, it’s going to take a while to find a buyer. The turnover time for the neighborhood is now at 141 days, meaning that it’s going to take you almost five months to sell your home.
Although the market continues to experience a drop in demand, prices for homes continued their upward march in the area.
The average sales price for a home during the third quarter was up another 13 percent to $1.58 million, making Lake Forest one of the most expensive suburbs in Chicago.
If demand continues to drop for homes in Lake Forest, buyers should start to see lower prices for some of the best Suburban Chicago Real Estate on the North Shore.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, Lake Forest Real Estate News
Last 5 posts in Lake Forest Real Estate
- Deals in play in Lake Forest - October 11th, 2008
- Condo sales down 8 percent, prices plunge 17 percent in September - October 1st, 2008
- Federal government bails out mortgage giants - September 9th, 2008
- Sales of single-family homes down again in Lake Forest - September 3rd, 2008
- Record decline in home prices nationwide - August 26th, 2008
