Homeowners in Lake Forest enjoyed an increase in prices around the Chicago suburb. According to data from the Chicago Association of Realtors, the average sales price during the third quarter was up by 13 percent from the same period in 2006. The average sales price stood at $1,589,614 for homes sold during the quarter.

However, high prices may be keeping many buyers away from Lake Forest. A total of 68 condos were sold during the third quarter, down from 84 units sold during the same period in 2006. This is the lowest total sales seen during the quarter in more than 16 years.

Even as sales dropped in the area, the average turnover time for units on the market also came down during the third quarter. If you’re selling your home in the area, it will take you an average of 141 days to find a buyer, down from 148 days a year ago.

The Lake Forest market could continue to see higher prices if the supply of homes on the market stays under control. However, if more homeowners choose to sell in the area, buyers could start to find great deals on Chicago Real Estate in Lake Forest.

Technorati Tags: Chicago Real Estate, North Shore Real estate, Lake Forest Homes For Sale

This entry was posted on Tuesday, January 29th, 2008 at 7:57 pm and is filed under Lake Forest Real Estate(t) . You can leave a response.