Sheffield Neighborhood News

September/October 1999

Sheffield real estate market report

BY PAULA ARNETT

During the first half of this year, sales volume in the Sheffield neighborhood for both single-family homes and multi-unit buildings has declined, while the average selling price has increased dramatically.  This indicates that the demand for these properties far outweighs the supply.  The average selling price of a single-family home increased 17.9% (to $776,033 from $658,180) for the first half of 1998.

For multi-unit buildings, the average selling price increased 4.8% (to $610,786 from $582,778) for the same period in 1998.  The increased market time for single-family homes is due to the large number of homes being rehabbed and not being available for immediate occupancy.  Multi-unit buildings seem to be on the market for a short period of time.  This is because they are either rental properties or are sold to be rehabbed into single-family homes.

While the number of condominium sales from 1998 to 1999 is consistent, sales volume, as well as average selling price, has increased by 24.6% and 23.2% respectively.  The highest selling price of a condominium has climbed 62.0% (to $782,500 from $485,000) in 1998.