As sales of single-family homes continue to fall around the greater Chicagoland region, many North Shore communities such as Glenview are seeing a significant drop in demand for both new and re-sale units.

According to data from the Chicago Association of Realtors, a total of just 45 single-family homes were sold in Glenview during the first quarter, down from 73 units sold during the same period last year. It was the worst result for the neighborhood during the first quarter in more than 17 years.

The drop in demand for single-family homes around Glenview led to a drop in prices. According to C.A.R. data, the average sales price fell by 2 percent during the first quarter, and could continue to drop if demand doesn’t recover in the short term.

However, the inventory of unsold homes on the market is beginning to stabilize. The average turnover time for homes on the market dropped during the first quarter after skyrocketing last year. If you’re selling your home in the neighborhood, it will now take you an average of 171 days to find a buyer, down from 172 days a year ago.

Buyers should be able to find great prices on North Shore Chicago Real Estate in Glenview as well as many neighborhoods around the region in the next few months.

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This entry was posted on Thursday, June 19th, 2008 at 12:41 pm and is filed under Glenview Real Estate(t) . You can leave a response.