Riverside’s Housing Market took a hit in 3rd quarter, 2014

The Riverside housing market for single family homes ended the 3^rd quarter of 2014 with a downward trend.  Fewer homes were sold for even fewer dollars.  In the three-bedroom category, we saw thirteen homes sold versus the same time period last year’s sale of sixteen homes, and the median closing sales price was down 15%.  The larger single family homes, those with four or more bedrooms, median closing sales price decreased by 20% from the prior year’s 3^rd quarter and the number of units sold in 2014 was half that of the prior year. 

     As we move into the fourth quarter, the traditionally slowest time for home sales, sellers must be hoping that these disappointing sales statistics improve while buyers may be thinking that this is a great opportunity to purchase their Riverside home.      

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

ACTIVE 3 Bedrooms:

Contingent:      5 homes ranging in List Price from 379,900 – $$579,000                                                     

Short Sales:      None

Market Time:    5 – 2,445 Days on Market                

SOLD 3 Bedrooms in 3Q, 2014:

Foreclosures:   1 home at $310,000  

Short Sales:     None

Market Time:   3 – 117 Days on Market                    

SOLD 3 Bedrooms in 3Q, 2013:

Foreclosures:   1 home at $100,000               

Short Sales:     None              

Market Time:  7 – 498 Days on Market         

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

ACTIVE 4 – 4 Bedrooms:

Contingent:                 4 homes ranging in List Price from $250,000 – $599,900      

Short Sales:                 None    

Market Time:               4 – 1,740 Days on Market     

SOLD 4 – 4 Bedrooms in 3Q, 2014:

Foreclosures:               None  

Short Sales:                 None  

Market Time:               3 – 143 Days on Market        

SOLD 4 – 4 Bedrooms in 3Q, 2013:

Foreclosures:               1 home which Sold for $630,000      

Short Sales:                 None

Market Time:               1 – 192 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.  

CONTACT:  Maria@OakPark.com