After two straight years of declining demand in Highland Park, it seems that sales may be stabilizing. Sales of single-family homes during the second quarter were unchanged from the same quarter in 2007.

According to data from the Chicago Association of Realtors, a total of 81 homes were sold during the second quarter. Last year 82 homes were sold during the second quarter. 2005 was the best year for the market, with 125 units sold during the second quarter.

A slight decline in prices may have helped keep sales steady during the second quarter. The average sales price fell by 1 percent during the second quarter, and could continue to fall slightly in the next few months. Homeowners and developers are still facing a very long turnover time when it comes time to find a buyer.

If you’re selling your home in Highland Park, it will take you an average of 208 days to find a buyer. While this is a drop of more than a month in the average turnover time from last year, it is still high when compared to other neighborhoods around the North Shore. Sellers facing financial pressure will be more likely to accept lower prices, giving buyers a great opportunity in coming months to get a good deal on North Shore Chicago Real Estate in Highland Park.

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This entry was posted on Sunday, August 31st, 2008 at 11:19 am and is filed under Highland Park Real Estate(t) . You can leave a response.