Chicago Neighborhoods > Hyde Park Housing Market

There just aren't that many 2 - 3 bedroom condos selling in Hyde Park. The volume never has been that high. What is interesting though is that ten times as many listings are expiring or being cancelled. Rather than take the price hit sellers are throwing in the towel. Consequently, the months of supply of these homes has run well in excess of a 4 year supply in recent times but with the volume so low there is a lot of volatility in the Hyde Park home inventory number. November 2009 is a case in point. When a low sales volume dips even lower the months supply skyrockets, even though inventory is down in absolute terms. After improving for periods of time in 2009 the inventory levels have actually been recently running higher than last year.

You can see the rest of the Hyde Park housing market story in the chart below. Recently peaking 350 days, market times for homes on the market have dropped back quite a bit. The current market time is 172 days, which is the best it has been in two years.

Note that the MLS changed their reporting methodology, which affected data going back to October, 2007.