Sales of single-family homes in Riverwoods have fallen for the past three years. The neighborhood is one of many around the North Shore to see a drop in demand, particularly for single-family homes.

According to data from the Chicago Association of Realtors, a total of just 7 new and resale single-family homes were sold during the second quarter in Riverwoods, a 50 percent drop in sales from the same period last year. It was the third straight year of declining sales in the neighborhood. A total of 25 units were sold during the second quarter of 2005, the most in more than 18 years.

However, a falling inventory of homes on the market is helping prices remain steady in the neighborhood. If you’re selling your home in Riverwoods, it will now take you an average of 142 days to find a buyer, down from 162 days a year ago. Despite the drop in the average turnover time, it is still the second longest seen in more than 18 years during the second quarter.

Prices continued to rise in the neighborhood during the second quarter. The average sales price was up by 13 percent from a year ago, as buyers focused on the most expensive units in the neighborhood. Buyers could start to see some deals on North Shore Chicago Real Estate if sales don’t increase in the short term.

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This entry was posted on Sunday, October 12th, 2008 at 3:18 pm and is filed under Riverwoods Real Estate(t) . You can leave a response.