Sunday, November 30, 2014
Chicago appraiser Michael Walsh takes a look at single family housing in the Humboldt Park neighborhood
Today Chicago area real estate appraiser Michael Walsh takes a look at current housing statistics in Humboldt Park, and finds prices are increasing and the market oversupplied. Bank owned foreclosures and short sales are still a large factor in the neighborhood.
According to MRED MLS statistics for the last twelve months for MLS area 8023 Humboldt Park the median sales price for Detached Housing decreased +23.2%, average marketing time declined -10.6% to 84 days on the market, and there is currently a 4.9 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 46% of total sales.
Note: This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.