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.

**Difference between final List Price and final Sold Price

Data compiled from the Multiple Listing Service of Northern Illinois on June 16, 2005.