Only two single family homes went under contract in September listed at $1.2M and $1.65M with market times in the 44 and 45 day period. This too is a significant slow down from the previous months activity with is normal this time of year.
Two multi-units sales occurred in September both in the $900k price point and there is currently only one available for sale. The multi-unit market is healthy with little supply and strong demand.
Below is a graph showing median market times for all housing (attached and single-family) comparing the Sheffield Neighborhood with Lincoln Park and the entire City of Chicago. You will see this rising market days trend is consistent across all three areas.
There are currently 27 current active condos and townhomes on the market in the Sheffield Neighborhood. That translates to a 9.0 month absorption rate which means if no new homes came on the market it would take 9 months at the current rate of sales to absorb the current supply of housing which favors buyers.
There are currently 34 current active single-family homes on the market in the Sheffield Neighborhood (all bedrooms and excluding town homes). That translates to a 17 month absorption rate which means if no new homes came on the market it would take 17 months at the current rate of sales to absorb the current supply of housing which favors buyers.
The shift back to buyers has begun and we are seeing this in almost all the areas my team covers. Contrary to what you read in Crain's! This is somewhat seasonal although our year over year comparison shows this trending higher than we've seen in the past several years indicating a possible market slow down.