The real estate market in Mettawa continues to suffer a sharp drop in demand as many buyers wait on the sidelines for better market conditions. The neighborhood has seen fewer than 10 homes sold per year for the last five years.

According to data for the year 2007 from the Chicago Association of Realtors, a total of just 2 single-family homes were sold in Mettawa. In 2006, just 3 homes were sold, while in 2005, 5 homes were sold in the neighborhood. The high for the past 18 years was seen in 2001, when buyers picked up 12 single-family homes during the year.

Homeowners who sold their home during the year had to be ready for a long wait. It took an average of 289 days for homeowners and developers to find a buyer during 2007, up from 105 days in 2006.

Buyers focused on the most expensive homes for sale around the neighborhood, leading to a strong increase in the average sales price. The average sales priced was up by 17 percent in 2007, but prices for individual homes are not increasing at the same rate.

Buyers on the market for the best North Shore Chicago Real Estate should be able to find some great deals on luxurious single-family homes around Mettawa.

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This entry was posted on Wednesday, July 30th, 2008 at 10:45 pm and is filed under Lake Forest Real Estate(t) . You can leave a response.