There hasn’t been a better moment for buyers looking for affordable homes in Skokie in a long time. According to data from the Chicago Association of Realtors, the average sales price fell to a three-year low in the neighborhood in 2007.

According to the Report, the average sales price for homes sold in 2007 fell to $404,197, a 7 percent decline in prices in just one year. Buyers may see even lower prices in the short term as demand also fell for the third straight year.

A total of 298 homes were sold in Skokie in 2007. This is an 18 percent drop in sales from the previous year, and the lowest total sales seen in the neighborhood in more than 16 years. The drop in sales led to a sharp increase in the average turnover time in the area.

Homeowners waited an average of 120 days to find a buyer, the first time that sellers have seen an average turnover time over 100 days in more than 116 years. This could mean even lower prices for North Shore Chicago Real Estate in Skokie as well as many neighborhoods around the region.

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

This entry was posted on Thursday, April 17th, 2008 at 11:27 pm and is filed under Skokie Real Estate(t) . You can leave a response.