Wadsworth was hard hit during the third quarter as sales dropped by more than 50 percent during the third quarter. According to data from the Chicago Association of Realtors, a total of just 15 homes were sold in the neighborhood during the third quarter, down from 31 homes sold during the same period in 2006.

As sales drop in the neighborhood, the inventory of unsold homes on the market continues to rise. The neighborhood saw one of the largest increases in the average turnover time for units on the market. According to the C.A.R. report for the third quarter, the average turnover time rose to 227 days, up from 120 days during the same period in 2006.

Despite the large increase in inventory and declining demand for homes in the area, the average sales price continued to rise. Prices climbed by an average of 2 percent in Wadsworth during the third quarter.

Buyers will want to take care not to get in the market at the peak. With a rising supply of homes on the market and falling demand, prices could start to drop in the short term. If you’re looking for Chicago Real Estate in Wadsworth, negotiate for a price that reflects current market conditions.

Technorati Tags: Wadsworth Real Estate News, Chicago Real Estate, Chicago Homes For Sale

This entry was posted on Thursday, March 6th, 2008 at 1:31 pm and is filed under Waukegan Real Estate(t) . You can leave a response.