Sales plunge in O’Hare
The Chicago real estate market is going through a rough moment as many buyers are unable to qualify for new loans under tightening requirements from banks and lenders.
O’Hare was one neighborhood that saw a sharp drop in sales during the fourth quarter. According to data from the Chicago Association of Realtors, a total of just 17 units were sold in the neighborhood during the fourth quarter, down from 32 units sold during the same period in 2006.
It is the third straight year that sales have dropped in the neighborhood and the lowest total sales seen during the fourth quarter since 1994. However, sales could pick up as prices come down around O’Hare.
The average sales price dropped by 17 percent during the fourth quarter, from the same period in 2006, and could continue to drop in the short term if demand doesn’t recover.
If you’re selling a condo in the area, be ready to wait longer than you may have expected to find a buyer. The average turnover time for condos on the market rose to 152 days during the fourth quarter.
However, for buyers looking for great deals on Chicago Real Estate, O’Hare currently offers prices that haven’t been seen in years.
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