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 so there can be a lot of volatility in the Hyde Park home inventory numbers. Consequently, the months of supply of these homes has run well in excess of a 4 year supply in recent times - e.g. November 2009. When a low sales volume dips even lower the months supply skyrockets, even though inventory may be down in absolute terms. After improving for periods of time in 2009 the inventory levels ran very high from November - January. Then in April, with a much higher sales volume, we saw inventory levels drop down to the lowest level in 4 years. But by May and June, after the expiration of the tax credit, contract volume fell off and inventory levels once again rose above last year's level. June now has a 20 month supply of condos.

You can see the rest of the Hyde Park housing market story in the chart below. Recently peaking at 350 days, market times for homes on the market have dropped back quite a bit. More recently market times are down around 250 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.