Sales down 40 percent in Park Ridge
Park Ridge saw one of its worst quarters in recent memory during the first quarter. Sales of single-family homes were down by more than 40 percent in the neighborhood.
According to data from the Chicago Association of Realtors, a total of just 38 single-family homes were sold in the Chicago suburb during the first quarter, down from 64 units sold during the same period a year ago. This was the worst showing for the neighborhood in more than 17 years.
The dramatic drop in demand led to one of the slowest markets that homeowners and developers have ever seen. If you’re selling your home in Park Ridge, it will now take you an average of 225 days to find a buyer, up from 182 days a year ago. Just two years ago the average turnover time stood at 88 days.
With results like these, it’s no surprise that prices are starting to come down in the neighborhood. The average sales price fell by 20 percent, one of the largest declines in the Chicago suburbs. However, as buyers start to find great deals on Chicago Real Estate in Park Ridge, prices could start to rebound.
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