Real Estate Activity Update

BY PAULA ARNETT

Statistics comparing the first half of 2002 compared to 2001 are shown in the accompanying chart*. Properties listed for sale are about the same for the two periods with the exception of multi units, which decreased by 54%. Total pending sales rose 12% with the largest increase in condos of 20% over last year. Single family pending sale were about the same while the number of multi units dropped by one-third.

Closed sales, however, rose significantly to a 43% increase in 2002 over 2001 with single-family’s having an increase of 53% and condos having an increase of 47%.

According to Sudler’s latest second-quarter Lakefront Market Survey, the average selling price of a single-family home in Lincoln Park was $1,203,152. In Sheffield the average selling price was $1,181,465. The highest price of a single-family in Sheffield this year was in the 22000 block of Lakewood for $2,700,000; in the first half of 2001, it was $2,000,000 in the 800 block of Belden.

Do properties on “busy” streets sell for less? To day this year, the lowest condo sale price was in the 2000 block of Sheffield for $160,000, and the highest condo sale price was $727,500 in the 2100 block of Racine. For the same period last year the lowest condo sale price was in the 900 block of Fullerton for $150,000 while the highest condo sales price was $972,454 in the 1100 block of Armitage.

Did you read the May 2002 issue of National Geographic “60614 Life by the Tracks”? If you would like a copy, please let me know.

	1/1/2002 to 6/30/2002	1/1/2001 to 6/30/2001
Listed**
Single Family	47	45
Condo	165	163
Multi	13	24
Total	225	232

Under Contract
Single Family	27	25
Condo	121	101
Multi	10	15
Total	158	141

Closed
Single Family	26	17
Condo	106	72
Multi	8	9
Total	140	98

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

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