The real estate market in Deerfield had one of the worst quarters in recent memory. Sales of single-family homes were off by 27 percent during the second quarter.

According to data from the Chicago Association of Realtors, a total of just 38 single-family homes were sold in Deerfield during the second quarter, down from 52 units sold during the same period a year ago. It was the worst showing for the quarter in more than 18 years.

The drop in demand led to an increase in the number of unsold single-family homes for sale on the market in the area. If you’re selling your home in Deerfield, it will now take you an average of 192 days to find a buyer, up from 140 days a year ago. This is the longest average turnover time seen in more than 18 years.

An increasing inventory and sluggish sales weren’t enough to bring prices down in the neighborhood. The average sales price grew by 3 percent during the second quarter. However, this is more due to weak demand on the low end of the North Shore Chicago Real Estate market.

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This entry was posted on Monday, September 8th, 2008 at 9:47 pm and is filed under Deerfield Real Estate(t) . You can leave a response.