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Mottl Cindy's Blog

By Cindy Valek Mottl | Broker in Downers Grove, IL

Real Estate Market Condition Update for Riverside, IL

Real estate in the town of Riverside could only improve on its statistics from Feb. of 2012...there were no sales at all that month. So, with that thought in mind, the inventory for detached single family homes in Riverside for Feb. 2012 was 11.7 months. This year for Feb. it is 6.2 months. That's considered a balanced market. Last year there were 72 homes for sale while this year there are 57..., a decrease of 20.8%. Now for the statistics that we can't compare because there is nothing to compare with: The median price is 182,000 (you read that correctly). The percentage of sales price to original list price is 79.8%. Sellers, you need to consider that one as you're still hoping for a miracle when you list. The market time is 482 days, a long, long time considering the decrease in inventory, and the longest time frame of any of the markets that I track. This might be attributed to that inflated original list price. It takes a while for the price of a property to find the "sweet spot" in Riverside.

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