North Riverside’s Housing Market had mixed results in 3rd quarter, 2014

North Riverside’s housing market for single family homes ended the 3^rd quarter of 2014 with an interesting mix of sales statistics.  When we look at the three-bedroom homes, it’s a good story and a promising trend for real estate values for this village.  The median closed sales price was up 28% compared to this same time period in 2013 and that’s for only nine homes sold versus the sixteen from last year.  More dollars for sellers! 

     However, the four or more bedroom single family homes took a hit both in dollars and, slightly, in the number of units.  The median closed sales price was down 12.5% and the number of units sold in 2014 was only three compared to the prior year’s four homes sold in this category.  It appears that buyers preferred the three-bedroom homes over larger ones, but buyers may be able to negotiate a better “deal” with these larger homes in the coming months. 

Following are the LISTING PRICES for 3 Bedrooms, Single Family Homes currently on the market in North Riverside, IL

ACTIVE 3 Bedrooms:

Contingent:     1 home at a List Price of $159,900                                                    

Short Sales:     None  

Market Time:   1 – 135 Days on Market        

SOLD 3 Bedrooms in 3Q, 2014:

Foreclosures:   1 home which Closed at $196,000    

Short Sales:     None              

Market Time:  8 -333 Days on Market                       

SOLD 3 Bedrooms in 3Q, 2013:

Foreclosures:   None                                      

Short Sales:     1 home which Closed at $190,000                            

Market Time:   3 – 774 Days on Market                   

Following are the LISTING PRICES for 4 – 4 + Bedrooms, Single Family Homes currently on the market in North Riverside, IL

ACTIVE 4 – 4 Bedrooms:

Contingent:     6 homes ranging from List Prices of $209,000 – $299,000                

Short Sales:     1 home at List Price of $229,999                     

SOLD 4 – 4 Bedrooms in 3Q, 2014:

Foreclosures:   2 homes which Closed at $170,000 and at $190,000

Short Sales:     None  

Market Time:  1 – 350 Days on Market

SOLD 4 – 4 Bedrooms in 3Q, 2013:

Foreclosures:   1 home which Closed at $377,000                

Short Sales:     3 homes which ranged in Closed Prices from $145,000 – $188,000

Market Time:  4 – 259 Days on Market         

“Contingent” means that there is an accepted offer on the property as to the price, but many other things must be agreed upon before the home actually “Closes”.  These may include the results of the buyer’s home inspection, final financing approval, the specific closing date, and so forth.  Most “Contingent Homes” will proceed to closing, but some contracts fall through and the home reappears on the market as an “Active Listing”.    

 “Median Sales Price” is the midpoint between the High price and the Low price and is not the same as the “Average Sales Price”.  Since a few high prices or low prices can skew the “Average Price”, the real estate industry places more credibility on the “Median Price” to indicate a specific area’s home values within a specified timeframe.    

“Market Time” is often referred to as “Days on Market” and counts the number of days the property has been on the market.  It includes the days the current listing agent has offered the property for sale as well as the days any other real estate broker(s) may have had this same listing in the recent past.  “Market Time” differs from “Listing Market Time” in that “Listing Market Time” begins at zero days each time the property is listed for sale.  

All data is taken from Midwest Real Estate Data (MRED) which is the data aggregator and distributor providing the Chicagoland area multiple listing service (MLS) to nearly 40,000 brokers, agents, and appraisers.