It’s an increasingly difficult credit market here in North Shore Chicago, and as a result Deerfield residents are having a tougher time selling their single-family homes. In fact, sales have dropped for a second consecutive year.

According to data from the Chicago Association of Realtors, 190 single-family homes were sold in this North Shore Chicago neighborhood in 2007, down from 223 homes sold during the previous year. That’s a 15 percent drop in just one year, and the lowest total sales seen in Deerfield in more than 16 years.

The good news? Despite a drop in demand, prices continue to rise in the neighborhood. The average sales price for homes sold in 2007 rose by 4 percent, and now stands at a high of $717,304. Take note – prices may not rise much further as the inventory of homes sitting on the market reaches a new high.

Low demand led to a marked increase in the average market time for homes on the market in Deerfield. It took an average of 139 days to find a buyer in the city in 2007, up from 102 days during the previous year.

The high inventory levels and low demand could lead to a drop in prices in the short term. Buyers should beware of getting in the market at its peak. Keep an eye out for falling prices for North Shore Chicago Real Estate in Deerfield.

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This entry was posted on Monday, May 5th, 2008 at 11:41 pm and is filed under Deerfield Real Estate(t) .