Oak Forest condo market update
The Chicago region has seen a sharp drop in sales as many buyers are unable to qualify for a new mortgage under tighter restrictions from banks and lenders.
Oak Forest has also seen a drop in sales. According to data from the Chicago Association of Realtors, a total of 16 units were sold during the third quarter, down from 25 units sold during the same period in 2006.
While the neighborhood has always had a quick average turnover time, the drop in demand is leading to a rise in the inventory of unsold homes on the market. If you’re selling your condo in Oak Forest, it will now take you an average of 85 days to find a buyer, up from 53 days just a year ago.
Prices are starting to drop as a result of falling demand in the area. The average sales price during the third quarter stood at 9 percent below prices seen during the same period in 2006. Buyers could continue to see lower prices in the area. Be on the lookout for great deals on Chicago Real Estate around the Oak Forest area over the next few months.
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