Northbrook posted a slight increase in sales of single family homes during the third quarter.

A total of 82 homes were sold during the quarter in Northbrook, a four percent increase from last year. It’s good news for Northbrook homeowners and developers, as sales of homes around the greater Chicago region continued to drop.

Sales may have picked up as a result of lower prices in the area. According to the C.A.R. report, the average sales price dropped by 14 percent. The average sales price for a single family home in the third quarter stood at $678,065, a two-year low.

Also, despite the increase in sales, the inventory of homes for sale on the market rose during the third quarter. The average turnover time for homes on the market is up to 140 days, a 31 percent increase from last year.

A high turnover time means more competition among sellers who may become more desperate to find a buyer. Be on the lookout for incredible deals on Chicago Real Estate in Northbrook. If demand doesn’t absorb the supply of homes on the market, prices could drop even further.

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This entry was posted on Sunday, December 2nd, 2007 at 10:07 pm and is filed under Northbrook Real Estate(t) . You can leave a response.