Sales of single-family homes were down in Winnetka as buyers faced a tough credit market during the first quarter. The neighborhood was one of many areas around the Chicago suburbs to see a drop in demand as well as falling prices during the quarter.

According to data from the Chicago Association of Realtors, a total of 30 single-family homes were sold in Winnetka during the first quarter, down from 43 units sold during the same period last year. It was the worst result for the quarter since 2005, and the second lowest total sales for the first quarter in more than 15 years.

Prices were also down for single-family homes in Winnetka. The average sales price posted an impressive 18 percent drop during the first quarter, and could continue to drop in the short term. However, a decline in the number of homes on the market could keep prices from declining any further.

The average turnover time for homes on the market in Winnetka came down during the first quarter as fewer homes were on the market. If you’re selling your home in the area, it will now take you an average of 199 days, down from 244 days a year ago.

Find great deals on North Shore Chicago Real Estate today and enjoy living in one of the most popular areas of the Chicagoland region.

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This entry was posted on Sunday, June 8th, 2008 at 2:22 pm and is filed under Winnetka Real Estate(t) . You can leave a response.