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. 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 of 2010, after the expiration of the tax credit, contract volume fell off and inventory levels once again rose above 2009's level. The months of supply of condos in 2011 ran very high through February, which hit a 6 year supply. However, that was based upon miniscule contract volume. More recently contract volume has picked up and the months of supply has dropped correspondingly. October 2011 hit a record low of 10 months supply for that month.

You can see the rest of the Hyde Park housing market story in the chart below. Market times for homes on the market follow a fairly typical seasonal trend, with December punching through the 180 day level. Last winter the market times got exceptionally high with the extraordinary inventory levels but most recently the market times have reached record lows for this time of year.