Highland Park Housing Market

Well the first quarter numbers for Highland Park are out and they aren't great. Here's the "in a nutshell" results The Bad: - The median sale price in Highland Park in the first quarter was $205,590, down 11.5% from the 1st quarter of 2010. - The days on market in Highland Park was 161 days, up a whopping 43.6% from 1st quarter 2010. The Not So Bad: - There were 36 closed sales in Highland Park in the 1st quarter which equals the 1st quarter of 2010 - New listings in Highland Park are also up 4.6% The culprit appears to be more foreclosures and short sales entering the market. Of the 36 sales that took place in the 1st quarter, 9 were foreclosure or short sales. If we were to remove those 9 sales the average sale price of the remaining 27 properties was $284,451. A clear indication that market recover is dependent on putting a halt to mortgage default. If you ever have any questions please feel free to contact me at any time. Tom Gergen 612-240-2535 tom@tomgergen.com www.TomGergen.com