Housing recovery?

Authored by: 

The Sheffield Neighborhood* has been fortunate to not experience the housing slump that exists in many other parts of the city and the country.  For the past three years, the number of contracts and closed sales has remained fairly consistent.  However, the average selling price of a single-family home in the neighborhood has increased dramatically, while the average selling price of a condo has decreased dramatically for the first quarter.  See the chart below for details. 

For the real estate market to continue to recover, there are several challenges to overcome: low housing inventories, tight access to mortgage financing, particularly for first-time home buyer, and the decrease in housing affordability as home prices and mortgage rates rise.

Latest FYI’s

A property in the 2000 block of Bissell that sold for $855,000 in December 2013 has new construction of a single-family home.  Two properties in the 2200 block of Magnolia have new construction; one that sold in August 2013 for $765,000 and the other that sold in June 2013 for $975,000.  A property in the 2200 block of Southport that sold for $350,000 in November 2009 has new construction.

My 16th Annual 2013 Sheffield Neighborhood Real Estate Market Report will be published soon, and many more details and statistics will be included. If you would like a copy of this report or a previous report, please contact me at 773-294-1822 or paula@paulaarnett.com.

Paula Arnett is a Broker Associate with Baird & Warner specializing in residential real estate sales for over 25 years.

*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.

Sheffield Neighborhood Transactions January 1-April 30

  2014       2013       2012    
  # under contract # closed avg selling price   # under contract # closed avg selling price   # under contract # closed avg selling price
Single Family 13 10 $1,984,613   15 10 $1,342,050   17 11 $1,471,759
Condo 61 37 $468,048   63 29 $534,480   65 38 $515,790
Multi-Unit 4 2 $1,035,000   5 2 $657,500   5 5 $696,400
Land 0       1 0     1 2 $490,250