Sales of single family homes strong in Montgomery
Montgomery saw a slight drop in sales of single family homes during the third quarter. However, the Chicago suburb is nowhere near what could be considered a housing slump.
According to data from the Chicago Association of Realtors, a total of 94 homes were sold in the area during the third quarter. This is a drop of 12 percent from the same period in 2006. However, it is the 6th highest total for the quarter in the last 16 years.
Homeowners who are looking to sell are facing one of the quickest markets in the region. The average turnover time for homes on the market is well below the average for all Chicago suburbs.
The average sales price was unchanged during the third quarter. The average sales price during the third quarter rose just $1,000 from the same period in 2006. Prices should continue to remain steady despite a general downturn in the Chicago Real Estate market. However, if demand is hurt by further upheaval in the credit market, buyers may start to see lower prices in the neighborhood. Keep an eye out for great deals on homes around Montgomery.
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