Status of Sheffield* real estate market

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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