Housing Bulletin—Turning Down the Volume

Deal Estate continues its expanded analysis of the real-estate charts in Chicago’s October issue, this week looking at the Chicago neighborhoods and suburbs where the number of home sales dropped most sharply.

Using data supplied by the Multiple Listing Service of Northern Illinois, the charts in the magazine examined 77 city neighborhoods and 204 suburbs during the 12-month period beginning July 1, 2006, and ending June 30, 2007. In nine out of ten of those areas, fewer homes sold during that time period than in the preceding 12 months.

In most of the areas on this year’s charts, sales volume fell between 15 and 35 percent. Hardest hit in the city was the sale of detached housing (single-family homes) in Hyde Park and Chicago Lawn; in the suburbs, Wayne, Itasca, and Melrose Park saw the biggest decline. In each of those places, the number of sales dropped by more than half.

Sales weren’t down everywhere. In the suburbs of Kildeer, East Dundee, Sleepy Hollow, and Hawthorn Woods, the number of sales at least tripled. In the city, the Near West Side and Bridgeport neighborhoods experienced a boom in detached-housing sales, with increases of 50 and 36.2 percent respectively. Also rising: the number of sales of attached-housing (that is, condos and townhouses) in the Lower West Side (270 percent), East Garfield Park (125 percent), and West Garfield Park (85 percent).

Below are the ten places with the largest percentage of decline in the number of home sales in each of three local real-estate categories: detached housing in the city; attached housing in the city; and housing in the suburbs. The lists include only those neighborhoods and towns that had more than ten home sales during the time period covered by this year’s and last year’s charts. All numbers are percentages. (Next week, Housing Bulletin looks at the places where home prices fell the most.)

SUBURBS
 
CITY DETACHED
 
CITY ATTACHED
Wayne 57.4   Hyde Park 55.8   South Deering 45.0
Itasca 55.5   Chicago Lawn 54.0   Albany Park 41.0
Melrose Park 53.9   Hermosa 50.0   North Park 36.5
Naperville 47.9   Gage Park 48.7   Montclare 36.0
Schiller Park 45.2   West Lawn 48.2   Ashburn 35.8
River Grove 44.5   Brighton Park 45.7   Forest Glen 35.2
Summit 44.1   Clearing 41.7   Edison Park 32.9
Berkeley 43.6   Dunning 40.6   Clearing 28.8
Lyons 41.3   Edison Park 37.6   Rogers Park 26.4
Worth 40.7   West Garfield Park 37.0   Norwood Park 20.5

 

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