Sales of single-family homes were down in Wilmette during 2007. However, the decline in demand was much lower than across the entire Chicago region.

According to data from the Chicago Association of Realtors, a total of 315 homes were sold in the North Shore community in 2007, down from 336 homes sold during the previous year. It was the lowest sales seen in the neighborhood in more than 16 years.

The decline in demand for single-family homes in Wilmette led to a marked increase in the market time for homes on the market. It took homeowners and developers an average of 132 days to find a buyer in 2006, more than a month longer than it took in 2006 to sell a home.

However, despite the drop in demand and rising inventory of homes sitting on the market in Wilmette, prices continued to rise in the neighborhood. The average sales price in the area posted a 3 percent increase from 2006, and now sits at an all time high of $971,125.

The popularity of this exclusive North Shore neighborhood and the number of new luxury homes on the market should keep prices in positive territory despite the drop in demand for units in the neighborhood. Browse through the best North Shore Chicago Real Estate in Wilmette as well as many other popular neighborhoods around the area today.

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This entry was posted on Thursday, May 1st, 2008 at 11:35 pm and is filed under Wilmette Real Estate(t) . You can leave a response.