Sales of new and re-sale single-family homes fell for the second straight year during the second quarter in Lake Forest. The neighborhood was one of many around the North Shore to see a drop in sales of both condos and single-family homes.

According to data from the Chicago Association of Realtors, a total of just 55 single-family homes were sold in Lake Forest during the second quarter, down from 69 units sold a year ago during the same quarter. Two years ago, nearly double the amount of homes were sold during the second quarter, with 100 units sold.

Prices were down sharply as buyers focused on the most affordable units on the market. The average sales price plunged 23 percent during the second quarter, falling to a two-year low of $1,208,916. However, a steady inventory of unsold homes on the market.

If you’re planning on selling your home in Lake Forest, it will now take an average of 186 days to find a buyer. A year ago it took an average of 190 days to find a buyer. This could help prices level off for North Shore Chicago Real Estate around Lake Forest.

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This entry was posted on Wednesday, September 3rd, 2008 at 11:38 pm and is filed under Lake Forest Real Estate(t) . You can leave a response.