North Riverside’s real estate dollars demonstrated strong growth in the first three months of 2015 when compared to the same time period last year. The median sales price for three-bedroom homes was up 35% ($212,000 versus $157,500).
Another indication of strength in North Riverside is that there are currently 12 homes in this size description listed for sale and 4 of them are under contract and listed as “Contingent”. That’s 25% of the active inventory.
As to the larger, four-bedroom or more, single family homes, the percentage of increase, +21%, is good but doesn’t really tell a story since only one home sold in 2015 compared to only two of this size last year.
However, current demand for these larger homes is solid since nine are currently listed as Active, and 5 of them are under contract, 56% of the available inventory.
|
Three-bedroom, Single Family homes currently Active: 12 homes |
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|
High |
Low |
Average |
Median |
|
|
List Price |
$379,500 |
$167,000 |
$250,046 |
$239,500 |
|
Listing Market Time |
243 |
3 |
84 |
50 |
Contingent: 3 homes ranging in List Price from $234,500 – $247,000
Short Sales: 1 home with a List Price of $239,000
|
Three-bedroom, Single Family homes Sold in 2015: 5 homes |
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|
High |
Low |
Average |
Median |
|
|
List Price |
$259,900 |
$149,500 |
$210,040 |
$219,000 |
|
Sold Price |
$250,000 |
$120,750 |
$194,550 |
$212,000 |
Foreclosures: 1 home with a Sales Price of $120,750
Short Sales: none
|
Three-bedroom, Single Family homes Sold in 2014: 8 homes |
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|
High |
Low |
Average |
Median |
|
|
List Price |
$237,500 |
$99,900 |
$161,762 |
$160,950 |
|
Sold Price |
$216,850 |
$92,000 |
$155,056 |
$157,500 |
Foreclosures: 4 homes ranging in Sales Price from $ 92,000 – $145,000
Short Sales: none
|
Four-bedroom and four-bedroom plus, Single Family homes currently Active: 9 homes |
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|
High |
Low |
Average |
Median |
|
|
List Price |
$394,000 |
$133,500 |
$250,411 |
$268,500 |
|
Listing Market Time |
295 |
8 |
109 |
88 |
Contingent: 5 homes ranging in Sales Price from $133,500 – $278,900
Short Sales: 3 homes ranging in Sales Price from $159,900 – $239,000
|
Four-bedroom and four-bedroom plus, Single Family homes Sold in 2015: 1 home |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$209,900 |
$209,900 |
$209,900 |
$209,900 |
|
Sold Price |
$197,900 |
$197,900 |
$197,900 |
$197,900 |
Foreclosures: none
Short Sales: none
Four-bedroom and four-bedroom plus, Single Family homes Sold in 2014: 2 homes
|
2 Sold – Detached Single Statistics |
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|
High |
Low |
Average |
Median |
|
|
List Price |
$179,000 |
$172,000 |
$175,500 |
$175,500 |
|
Sold Price |
$172,000 |
$156,000 |
$164,000 |
$164,000 |
Foreclosures: 1 home with a Sales Price of $156,000
Short Sales: none
“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.
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.
Maria Murzyn is an employee of Wednesday Journal Publications and a Realtor at Gloor Realty in Oak Park.
