Sales of single-family homes remained steady in Glencoe during the second quarter. The neighborhood was one of just a few in the Chicago region to not see a significant drop in demand during the quarter.

According to data from the Chicago Association of Realtors, a total of just 28 new and re-sale single-family homes were sold during the second quarter, a slight drop from the 30 units sold during the same period last year. However, it was the lowest total sales seen during the second quarter in more than 18 years in Glencoe.

Buyers seem to be focusing on the most expensive units in the city. The average sales price was up by an impressive 9 percent, but this is due more to the low demand for the most affordable units around the area. Buyers are facing added requirements when it comes time to find a mortgage, leaving many out of the market.

Homeowners and developers in the area are facing one of the longest average market times seen in years. If you’re planning on selling your home in the area, it will now take you an average of 231 days to find a buyer. Two years ago the average market time was just 126 days. This could mean more great deals on North Shore Chicago Real Estate over the next few months.

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This entry was posted on Friday, September 19th, 2008 at 5:21 pm and is filed under Glencoe Real Estate(t) . You can leave a response.