Prices drop, sales increase in Inverness
Prices for single-family homes dropped slightly during the third quarter in Inverness, and sales increased by 33 percent.
According to a recent report from the Chicago Association of Realtors, a total of 29 homes were sold in the neighborhood, the most sold during the third quarter since 2002.
While sales of homes were off by over 20 percent around the Chicago suburbs, lower prices may have been the cause of the increased activity in Inverness.
Homeowners and developers selling their property in the area are facing a lot of competition. As sales in the area increased, so did the number of homes on the market. As a result, the turnover time for the area increased to 221 days, a 40 percent increase over last year and the longest turnover time the neighborhood has seen in more than 15 years.
Prices were down by 6 percent in Inverness during the third quarter. The average sales price during the period stood at $769,259.
Lower prices should continue to improve demand for homes in Inverness. The market is going through a slight correction, but as buyers find great deals on Chicago Real Estate in the area, prices could recover soon.
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