Sales Of Single-family Homes Down Yet Again In June

July 9th, 2008 by Jake

The real estate market on the North Shore of Chicago has seen a drop in sales of both condominiums and single-family homes during June. Sales of new and re-sale single-family homes were off by more than 28 percent from the same month last year.

According to data from the MLS, a total of 294 homes were sold during June across the North Shore. Sales were down by 28.6 percent from June 2007, when 412 homes were sold in the area. Demand for the most expensive condominiums was also off during the month. A total of 75 homes were sold in June for more than $1 million, down from 113 homes sold in the same price range during June 2007, a drop of more than 33 percent.

The drop in demand for the most expensive single-family homes led to a lower average sales price for homes sold during June. The average sales price stood at $848,401 in June, down nearly 3 percent from the same month a year ago.

Buyers on the market for a great deal on North Shore Chicago Real Estate could start to see prices come down for many homes around the area if demand doesn’t pick up in the short term.

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