Status of Sheffield* real estate market
While the number of sold single-family home transactions in the neighborhood has decreased by 15%, from 31 to 27 from 2013 to 2014, the average selling price has increased by 26%, from $1,469,242 to $1,874,486. The number of sold condos has also decreased by 8%, 109 in 2013 to 101 in 2014, and the average selling price has increased by 13%, from $476,603 to $537,638. See the accompanying chart below.
The ultra-high end market, properties listed over $3,000,000, is very active in the neighborhood. This year, nine properties sold with an average selling price of $2,996,444; in 2013, one sold for $3,200,500 and in 2012, two properties closed with an average selling price of $3,896,547. Since single properties in the neighborhood are becoming more difficult to secure, developers are buying existing condo developments, and building on them. For example, a six-unit condo on a double lot in the 2000 block of Dayton sold for $2,836,000 in July 2014, or $1,418,000 per lot. And on the same 2000 block of Dayton, another six-unit condo on a double lot sold for $2,500,000 in January 2014, or $1,250,000 per lot. And close by, in the 1900 block of Orchard, an 11-unit condo on a triple lot sold for $4,514,000 in February 2013, or $1,504,667 per lot.
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*
Jan 1 through Aug 31**
2014 | 2013 | 2012 | |||||||||
# contracts | # closed | avg selling price | # contracts | # closed | avg selling price | # contracts | # closed | avg selling price | |||
Single Family | 22 | 27 | $1,874,486 | 34 | 31 | $1,469,242 | 32 | 30 | $1,578,388 | ||
Condo | 93 | 101 | $537,638 | 122 | 109 | $476,603 | 122 | 110 | $485,915 | ||
Multi-Unit | 7 | 8 | $909,675 | 7 | 7 | $899,286 | 6 | 6 | $698,667 | ||
Vacant Land | 0 | 0 | n/a | 2 | 1 | $652,500 | 1 | 2 | $490,250 | ||
Total | 122 | 136 | 165 | 148 | 161 | 148 |
*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.
**Reported from Midwest Real Estate Data LLC on September 1, 2014