Sales of single-family homes fell by nearly 50 percent during the second quarter in Winnetka. The neighborhood was one of several areas around the North Shore to see a sharp drop in sales in the past few months.

According to data from the Chicago Association of Realtors, a total of just 36 single-family homes were sold during the second quarter, down from 71 units sold during the same period a year ago. It was the lowest total sales seen in the neighborhood in more than 18 years.

However, demand for the highest priced homes remained strong in Winnetka during the second quarter. Despite the sharp drop in sales, the average sales price skyrocketed during the second quarter. Homes sold for 15 percent more during the quarter, as buyers for more affordable homes face increasing difficulty qualifying for a mortgage.

Meanwhile, homeowners and developers are facing one of the slowest markets in years. If you’re selling your North Shore Chicago Home in Winnetka, it will now take you an average of 175 days to find a buyer. It took just 105 days to find a buyer two years ago. Buyers could start to see some deals on the market around Winnetka.

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This entry was posted on Thursday, September 25th, 2008 at 11:12 pm and is filed under Winnetka Real Estate(t) . You can leave a response.