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SNN - May/Jun 2004 PDF Print E-mail

SNN May-June 2004

First Quarter 2004 vs. 2003 Real Estate Results

BY PAULA ARNETT

The accompanying chart shows what has happened in the Sheffield Neighborhood* during the first quarter of this year compared to that of last year. The number of closed transactions has increased due to the fact that the number of single-family home sales has more than doubled over last year; 8 in 2004 vs. 3 in 2003. In addition, pending sales of single-family homes has doubled with 17 in 2004 vs. 8 in 2003. This may begin to even out the decrease in 2003’s total single family closed of 36 vs. 45 in 2002.

 

The number of properties listed during this year’s first quarter is stable for single-family homes, down 76 in 2004 vs. 108 in 2003 for condominiums, and tripled in multi-unit with 18 in 2004 vs. 6 in 2003. The large increase in the number of multi-unit properties on the market is due to several factors: the apartments are difficult to rent; rents are low; real estate taxes are high and getting higher; and many buildings are being torn down to be rebuilt as single-family homes.

Prices are also significant. The average selling price of single-family homes has increased by 155% over last year, $1,466,164 vs. $941,666 in 2003. Obviously, the $2 million+ new construction home sales have affected the increase. Listing prices are up! The average list price of a single-family home in the first quarter of 2004 is $1,709,643 vs. $931,857 in 2003, an increase of 183%. Multi-unit average prices are up 152% with $1,063,583 in 2004 vs. $699,000 in 2003.

FYI’s
Not previously reported, new construction is occurring:
2100 block of Clifton, purchased $975,000 January 2004
2000 block of Dayton, purchased for $985,000 October 2003
2300 block of Greenview, purchased for $550,000 July 2003
2200 block of Southport, purchased for $510,000 August 2003
2300 block of Wayne, purchased for $565,000 November 2002

If you have not received this year’s 2002-2003 Sheffield Neighborhood Real Estate Market Report and would like a copy, please contact me at 773.294.1822 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it The report is available in a PDF version.

Paula Arnett, GRI, CRS, ABR, is a Broker Associate with Sudler (formerly Beliard Gordon and Partners) 1650 N Wells, and a member of the SNA Board of Directors.

*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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