The Chicago housing market saw a decrease in the amount of homes sold during the second quarter of 2007. According to the Chicago Association of Realtors, the total number of homes sold around the city of Chicago dropped from 2944 during the second quarter of 2006 to 2247 during the same period this year.
Humboldt Park saw one of the steepest declines in homes sold during the second quarter. There were only 19 homes sold during the second quarter of 2007, according to a Chicago Association of Realtors report, in this neighborhood west of downtown Chicago. This represents a 56% decline over the same period last year.
Home prices in Humboldt Park were also down. The average price for homes sold during the second quarter was $205,000, down 11% from 2006 prices. Turnover was also a problem in the neighborhood. Home owners in Humboldt Park had to wait 122 days during the second quarter to find a buyer. During 2006 it took just 77 days to sell a home in the neighborhood.
Humboldt is following the general trend around Chicago of longer turnover rates and less homes sold during the second quarter. However, the average home price remained steady in neighborhoods across the city.
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