Sales of single-family homes were down yet again in Skokie during the second quarter. It was the fourth straight year of declining demand for homes in the area.

According to data from the Chicago Association of Realtors, a total of just 73 homes were sold in the area during the second quarter, down from 88 units sold during the same period last year. It was the lowest total sales seen in the last 18 years during the second quarter in Skokie.

The drop in sales led to a steep decline in the average sales price, giving buyers some great deals in the neighborhood. The average sales price fell to just over $342,000, a five-year low for the second quarter. Last year prices averaged $421,000 during the quarter. Buyers could continue to see even lower prices as the number of unsold homes continues to rise.

If you’re looking to sell your home in the area, it could take you a lot longer than you expected. The average turnover time for homes sold during the second quarter rose to 120 days, the first time that it has taken an average of more than 100 days to sell a home in the area. Keep an eye out for great deals on North Shore Chicago Real Estate in Skokie.

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This entry was posted on Wednesday, August 13th, 2008 at 10:33 am and is filed under Skokie Real Estate(t) . You can leave a response.