Sales of single-family homes dropped for the second straight year in Wilmette during the first quarter. The drop in sales was the most pronounced seen in the past 18 years in the area.

According to a report by the Chicago Association of Realtors, a total of just 34 single-family homes were sold in Wilmette during the first quarter, down more than 40 percent from the same period last year. It was the lowest total sales seen during the first quarter in more than 17 years in the neighborhood.

However, despite the sharp drop in sales in the area, homeowners and developers are seeing an improvement in the average market time. This may be due to the fact that some homeowners are waiting for better market conditions. It now takes an average of 172 day to find a buyer in Wilmette, down from the high of 180 days seen a year ago.

With sales at their lowest point in years, it’s no surprise that prices are starting to come down in the neighborhood. The average sales price during the first quarter posted a 16 percent decline from the same period last year, and could continue to fall if demand for North Shore Chicago Real Estate doesn’t improve in the short term in Wilmette.

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This entry was posted on Monday, June 30th, 2008 at 1:11 pm and is filed under Wilmette Real Estate(t) . You can leave a response.