Sales of new and re-sale single-family homes hit a new low during the second quarter in Wilmette. The neighborhood was one of many around the North Shore to see fewer sales during the second quarter.

According to data from the Chicago Association of Realtors, a total of just 76 single-family homes were sold during the second quarter in Wilmette, down from 93 units sold during the same period in 2007. It was the lowest total sales seen in more that 18 years in the neighborhood.

The drop in sales led to an increase in the inventory of unsold homes sitting on the market around the area. If you’re planning on selling your home in Wilmette, it will now take you an average of 149 days to find a buyer, up from 135 days a year ago. This is the longest it has taken to find a buyer in more than 18 years in the neighborhood.

The rise in inventory and declining sales helped bring prices down during the second quarter. The average sales price for homes in Wilmette fell by 8 percent from the same period last year, and could continue to fall in the short term if demand doesn’t recover. However, buyers on the market for affordable North Shore Chicago Real Estate will be able to take advantage of great deals.

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This entry was posted on Saturday, September 6th, 2008 at 4:45 pm and is filed under Wilmette Real Estate(t) . You can leave a response.