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Sheffield Neighborhood News November/December 2006
Number of Sheffield* Real Estate Sales Decline
BY PAULA ARNETT
The total number of transactions in the Sheffield neighborhood has declined by 15% for the same period in 2006 vs. 2005 as shown on the accompanying chart. But prices have increased: the average selling price of a single family home rose by 17% and market time increased by 9%; the average selling price of a condominium rose by 2% and market time increased by 26%; the average selling price of a multi-unit property rose by 7% and market time increased by 2%; and the average selling price of vacant land rose by 6% but market time decreased almost one half.
Latest FYI’s
A property in the 1300 block of Webster that sold for $795,000 in March 2006 has new construction and, according to the posted building permit, it will be a wood frame single family residence. In the 2100 block of Clifton, two adjacent properties (with no recent sale information available), will be brick single family homes according to the posted building permits. Also, in the 2100 block of Clifton, a property that sold for $1,050,000 in March 2005 has new construction. A property in the 2300 block of Janssen that sold for $850,000 in February 2006 has a foundation for new construction. A property in the 2000 block of Magnolia has new construction that sold for $1,020,000 in March 2004 according to the Cook County tax records. And a property in the 1100 block of Webster that sold for $940,000 in June 2004 became a store and 3 condos that sold for $525,000, $609,000 and $639,000 this year.
My 8th Annual 2004-2005 Sheffield Neighborhood Real Estate Market Report has been published and is in the mail. It contains charts, dollar volumes, and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis showing what sold on your block, when, and at what price. Many more details are contained in this new report including the new Vacant Land category. If you have not yet received it and would like a copy, please contact me at 773.294.1822 or
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*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.
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Closed Jan 1-Oct 15, 2006
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Number
|
Average
Sold Price
|
Highest Price
|
Lowest Price
|
Mkt Time
|
| SF |
35 |
$1,651,678 |
$3,448,750 |
$530,000 |
169 |
| Condo |
152 |
$484,871 |
$1,449,000 |
$219,500 |
104 |
| MU |
5 |
$1,072,900 |
$1,300,000 |
$804,500 |
172 |
| VL |
2 |
$1,100,000 |
$1,425,000 |
$795,000 |
57 |
| Total |
194 |
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|
|
|
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Closed Jan 1-Oct 15, 2005
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|
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Number
|
Average
Sold Price
|
Highest Price
|
Lowest Price
|
Mkt Time
|
| SF |
40 |
$1,407,662 |
$2,725,000 |
$755,000 |
154 |
| Condo |
165 |
$474,466 |
$945,000 |
$229,500 |
82 |
| MU |
15 |
$997,166 |
$1,425,000 |
$525,000 |
167 |
| VL |
4 |
$1,031,250 |
$1,200,000 |
$810,000 |
119 |
| Total |
224 |
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|
|
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Data compiled from the Multiple Listing Service of Northern Illinois.
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Sheffield Neighborhood News
September/October 2006
Sheffield* Real Estate Prices Continue To Rise
BY PAULA ARNETT
Based on statistics from the Multiple Listing Service of Northern Illinois as shown on the accompanying chart, the number of properties closed is down by 18%; the market times are longer, but average sold prices are up. Compared to the same period last year, it now takes 18% longer to sell a single family home, 29% longer to sell a condominium, 8% longer to sell a multi-unit property, but 7% quicker to sell a vacant land property.
The number of transactions for single-family homes is down by 20%, for condominiums down by 13%, and for multi-unit properties down by 59%. However, the average selling price of a single-family home is up 23%, for a condominium up by 5%, for a multi-unit property up by 7%, and for vacant land up by 10%
Latest FYI’s
A property in the 1300 block of Webster that sold for $795,000 in March 2006 has been town down and is on the market for $1,025,000. A property in the 2300 block of Greenview that sold for $670,000 in June 2005 has begun a new construction. And a property in the 2000 block of Dayton sold for $1,425,000 that preciously sold for $1,200,000 in October 2004 and for $890,000 in November 2001.
My 8th Annual 2004-2005 Sheffield Neighborhood Real Estate Market Report (last year, 2003-2004, was actually the 7th, not the 6th) is about to be published. It contains charts, dollar volumes and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis so you can see what sold on your block, when and at what price. Many more details are contained in my new report. It also includes the new Vacant Land category.
*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.
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Closed Jan. 1-Aug. 15, 2006
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Number
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Average
Sold Price
|
Highest Price
|
Lowest Price
|
Mkt Time
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| SF |
28 |
$1,697,169 |
$3,448,750 |
$530,000 |
184 |
| Condo |
116 |
$500,652 |
$1,449,000 |
$221,500 |
113 |
| MU |
5 |
$1,072,900 |
$1,300,000 |
$804,500 |
172 |
| VL |
2 |
$1,100,000 |
$1,425,000 |
$795,000 |
57 |
| Total |
151 |
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|
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Closed Jan. 1-Aug. 15, 2005
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|
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Number
|
Average
Sold Price
|
Highest Price
|
Lowest Price
|
Mkt Time
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| SF |
35 |
$1,373,185 |
$2,725,000 |
$755,000 |
155 |
| Condo |
133 |
$474,371 |
$945,000 |
$229,500 |
87 |
| MU |
12 |
$1,000,708 |
$1,425,000 |
$987,500 |
158 |
| VL |
3 |
$1,000,000 |
$1,200,000 |
$810,000 |
61 |
| Total |
183 |
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Data compiled from the Multiple Listing Service of Northern Illinois.
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Sheffield Neighborhood News
July/August 2006
Is there a housing bubble in Sheffield*?
BY PAULA ARNETT
According to the accompanying chart, the answer is NO. Average Sold Prices are up in every category. Market times are a little longer in every category except Vacant Land. But the number of closed transactions has fallen to 95 versus 109 during the same Jan 1-June 15 period last year, a decrease of 13% fewer transactions. 2006 is about half over and the year end results will have the real answer.
Latest FYI’s
Two properties in the 2200 Block of Magnolia have been torn down, one sold for $1,050,000 in November 2005 and the other sold for $1,200,000 in January 2006.
My 8th Annual 2004-2005 Sheffield Neighborhood Real Estate Market Report (last year, 2003-2004, was actually the 7th, not the 6th) is about to be published. It contains charts, dollar volumes, and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis so you can see what sold on your block, when, and at what price. Many more details are contained in my new report. It also includes the new Vacant Land category.
*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.
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Closed Jan 1-June 15, 2006
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Number
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Average
Sold Price
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Mkt Time
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% of LP**
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| SF |
18 |
$1,777,561 |
198 |
94.62% |
| Condo |
71 |
$512,224 |
105 |
97.19% |
| MU |
5 |
$1,072,900 |
172 |
89.75% |
| VL |
1 |
$795,000 |
64 |
90.87% |
| Total |
95 |
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Closed Jan 1-June 15, 2005
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Number
|
Average
Sold Price
|
Mkt Time
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% of LP**
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| SF |
20 |
$1,435,925 |
180 |
93.96% |
| Condo |
80 |
$462,196 |
82 |
97.29% |
| MU |
7 |
$1,018,571 |
198 |
95.03% |
| VL |
2 |
$900,000 |
92 |
93.31% |
| Total |
109 |
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**Difference between final List Price and final Sold Price
Data compiled from the Multiple Listing Service of Northern Illinois on June 16, 2005.
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Sheffield Neighborhood News
May/June 2006
The changing real estate market
BY PAULA ARNETT
You read about it, you hear it on the news: the real estate market is slowing down. According to the numbers in the accompanying chart for the Sheffield neighborhood*, the first quarter closed transactions of 41 for 2006 are right in line with those of 42 for the first quarter of 2005. However, contracts lead to closed sales. Total units under contract for first quarter 2006 of 65 for 2006 are down by 63.7% compared to 102 for the first quarter of 2005. Single-family contracts are down 70%; condo contracts are down 59%, but multi-unit and vacant land contracts are the same as last year. Three more quarters remain in 2006 and those numbers will continue to be reported.
My 8th Annual 2004-2005 Sheffield Neighborhood Real Estate Market Report (last year, 2003-2004, was actually the 7th, not the 6th) is about to be published. It contains charts, dollar volumes and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis so you can see what sold on your block, when and at what price. Many more details are contained in my new report. It also includes the new Vacant Land category.
*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.
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Under Contract
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|
2006
|
2005
|
|
January
|
February
|
March
|
Total
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January
|
February
|
March
|
Total
|
| SF |
4 |
5 |
5 |
14 |
SF |
6 |
6 |
8 |
20 |
| Condo |
9 |
19 |
18 |
46 |
Condo |
13 |
21 |
43 |
77 |
| MU |
2 |
2 |
0 |
4 |
MU |
1 |
3 |
0 |
4 |
| VL |
1 |
0 |
0 |
1 |
VL |
1 |
0 |
0 |
1 |
| Total |
16 |
26 |
23 |
65 |
Total |
21 |
30 |
51 |
102 |
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Closed
|
|
2006
|
2005
|
| SF |
6 |
3 |
1 |
10 |
SF |
1 |
2 |
4 |
7 |
| Condo |
5 |
12 |
11 |
28 |
Condo |
7 |
11 |
14 |
32 |
| MU |
0 |
1 |
1 |
2 |
MU |
1 |
0 |
1 |
2 |
| VL |
0 |
0 |
1 |
1 |
VL |
0 |
0 |
1 |
1 |
| Total |
11 |
16 |
14 |
41 |
Total |
9 |
13 |
20 |
42 |
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