Third-quarter Real Estate Activity

BY PAULA ARNETT

According to the statistics shown on the accompanying chart*, the real estate business is down for the third quarter of this year compared to last year in the Sheffield neighborhood. For listings, the total number is down by 13%; for properties under contract, the total number is down by 23%; for sales, the total number is down by 24%.

However, average selling prices are up. In the period, the average selling price of single-family homes is $1,131,500 in 2002 vs. $1,090,893 in 2001, or an increase of 4.7%. The average selling price of condominiums is $405,882 in 2002 vs. $335,182 in 2001, or an increase of 21%. For multi-unit properties, the average selling price is $750,000 in 2002 vs. $639,400, or an increase of 17%.

FYI’s

A developer paid $775,000 for a single-family home property in the 2000 block of Fremont. A developer paid $700,000 for a property in the 2200 block of Clifton and it is currently on the market for $1,950,000. After a zoning change, a double-lot property in the 2300 block of Southport was sold for $971,000.

	7/1/2002 to 9/30/2002	7/1/2001 to 9/30/01
Listed
Single Family	32	34
Condo	114	140
Multi	10	6
Total	156	180

Under Contract
Single Family	13	6
Condo	42	66
Multi	4	5
Total	59	77

Closed
Single Family	12	10
Condo	51	71
Multi	2	5
Total	65	86

*Data compiled from Multiple Listing Service of Northern Illinois
**Adusted for properties relisted

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