Sales of single-family homes continue to drop in neighborhoods all around the Chicagoland region. Even the most popular communities on the north shore are seeing a drop in demand.

Skokie felt the effects of a weak market in 2007. According to data from the Chicago Association of Realtors, a total of just 298 homes were sold during the year, down from 362 units sold in 2006. It was the lowest total sales seen in the neighborhood in more than 16 years.

However, buyers are starting to see lower prices for single-family homes around Skokie. The average sales price fell by 7 percent in 2007 in the neighborhood, and could continue to fall even further as the average market time for homes on the market skyrockets.

According to the C.A.R. report, it took homeowners and developers an average of 120 days to find a buyer in 2007, up from 71 days during the previous year. This is the first time that the market time for homes in Skokie has broken through the 100-day barrier in more than 16 years.

Buyers looking for a great deal on a home should keep a close eye on prices for North Shore Chicago Real Estate in Skokie and other popular neighborhoods in the area.

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This entry was posted on Thursday, May 15th, 2008 at 11:46 am and is filed under Skokie Real Estate(t) . You can leave a response.