First quarter 2003 vs. 2002 Real Estate Results

BY PAULA ARNETT

The accompany chart shows what has happened in the Sheffield neighborhood* during the first quarter of this year compared to last year. Transactions are down but prices are up. There were fewer properties closed in the first quarter of 2003, 41, compared to last year’s first quarter, 52, or a decrease of 26%. However, prices are up in all categories: single-family prices increased by 6%, condominium prices increased y 2%, and multi-unit properties increased by 18% over last year.

Contract Pendings (those properties under contract but not yet closed) are down by 16%. And listings are up by 15%, a sign that that there are more sellers than buyers.

*Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west.

	1/1/2003 to 3/31/2003	1/1/2002 to 3/31/2002
Closed
Single Family	3	7
Average Sale Price	$941,666	$885,714
Condo	34	43
Average Sale Price	$384,587	$375,286
Multi Unit	3	2
Average Sale Price	$813,333	$684,000
Total Properties	41	52
Contract Pendings
Single Family	8	13
Condo	50	54
Multi Unit	3	4
Total Properties	61	71
Listings
Single Family	33	28
Average List Price	$1,006,333	$931,857
Condo	108	92
Average List Price	$399,270	$389,031
Multi Unit	6	8
Average List Price	$844,333	$699,000
Total Properties	147	128

Data compiled from Multiple Listing Service of Northern Illinois

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