Wilmette real estate market update
Sales of single-family homes in Wilmette fell for the second consecutive year during the first quarter. Buyers are starting to see some great deals for new and re-sale homes in the area.
According to data from the Chicago Association of Realtors, a total of just 34 homes were sold in Wilmette during the first quarter, down nearly 50 percent from the same period last year. It was the second straight year of declining sales for the neighborhood, after reaching a total of 64 homes sold in 2006.
However, despite the dramatic drop in demand for homes in the area, the average turnover time for units on the market also fell. This could be due to the fact that many homeowners are waiting for a better moment to sell. If you’re planning on selling your home in Wilmette, it will now take you an average of 180 days to find a buyer, down from 180 days a year ago.
Prices are starting to come down quite a bit in the neighborhood. The average sales price was off by 16 percent during the first quarter, and could continue to drop as demand remains low for Wilmette homes. If you’re on the market for affordable Chicago Real Estate, you may want to check out what’s available here.
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