While most neighborhoods around the Chicago suburbs face declining demand for single-family homes, Kenilworth saw a significant jump in sales during 2007.

According to data from the Chicago Association of Realtors, a total of 44 single-family homes were sold in the neighborhood during the year, up from 25 units sold during 2006. This is the highest total sales seen in the neighborhood since 2003, welcome news for home owners and developers in the area.

The Kenilworth market continued to be one of the most exclusive on the North Shore. The average sales price in the area rose by an astonishing 34 percent, and now stands at nearly $2 million, the highest it has ever been in the neighborhood.

While sales picked up in the neighborhood, homeowners had to be prepared for a long wait during the year. The average turnover time for units sold during the year skyrocketed to 241 days, the longest average turnover time seen in more than 16 years in Kenilworth. It took just 78 days to find a buyer in 2006.

The strength of the market in Kenilworth during 2007 showed that buyers on the market for luxury North Shore Chicago Real Estate are still buying, despite a downturn in the market in other price ranges.

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This entry was posted on Thursday, April 24th, 2008 at 2:06 pm and is filed under Kenilworth Real Estate(t) . You can leave a response.