Riverwoods has seen a slow drop in sales of single-family homes in recent months. While the neighborhood isn’t the largest market on the North Shore of Chicago, there are some great deals to be had around the area.

According to data from the Chicago Association of Realtors, a total of just 34 single-family homes were sold in the area during 2007, down from 48 homes sold during the previous year. It was the lowest total sales seen in the neighborhood since 1996.

The drop in sales of single-family homes didn’t lead to a strong increase in the inventory of unsold homes sitting on the market around Riverwoods. The average turnover time was up just slightly during the year. If you’re selling a home in the area, it will now take you an average of 130 days to find a buyer, up from just 127 days a year ago.

However, the drop in demand and long turnover time did lead to a drop in prices during the year. The average sales price fell by 8 percent in 2007, and could continue to fall if demand doesn’t recover in the short term. Buyers should keep an eye out for great prices on North Shore Chicago Real Estate around Riverwoods, as well as in many other communities in the area over the next few months.

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This entry was posted on Wednesday, July 2nd, 2008 at 11:50 pm and is filed under Riverwoods Real Estate(t) . You can leave a response.