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.

Closed Jan. 1-Aug. 15, 2006
	Number	Average Sold Price	Highest Price	Lowest Price	Mkt Time
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
Closed Jan. 1-Aug. 15, 2005
	Number	Average Sold Price	Highest Price	Lowest Price	Mkt Time
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

Data compiled from the Multiple Listing Service of Northern Illinois.

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