Sales of single-family homes have dropped around the Chicago suburbs in recent months as many buyers face added difficulty in finding a mortgage. Banks and lenders are placing more limitations on new loans as the number of foreclosures skyrocket across the country.

Kenilworth was one neighborhood to see a significant drop in sales of single-family homes during the first quarter. The neighborhood is not the largest market on the North Shore. However, only 2 single-family homes were sold during the first quarter in the neighborhood during the quarter, down from 7 units sold during the same period in 2007. It was the worst result for the first quarter since 2001.

The two homes that sold in the neighborhood were on the higher end of the market. The average sales price was up by 20 percent, as many buyers who would have been looking for more affordable homes around Kenilworth may be waiting for better market conditions.

The neighborhood continues to be one of the most exclusive on the North Shore Chicago Real Estate market, with the average sales price reaching more than $2.5 million during the first quarter.

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This entry was posted on Tuesday, June 24th, 2008 at 5:44 pm and is filed under Kenilworth Real Estate(t) . You can leave a response.