MRED Blog

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Illinois Home Sales and Prices Heat Up in June [Infographic]

MRED Goes Live With Green Information in Realtor.com and Homes.com

Providing Another Great Benefit to Real Estate Brokers and their Customers

LISLE, ILLINOIS (July 21, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that Realtor.com and Homes.com, two of the nation’s largest homes for sale web sites, are now displaying Green and energy related information made available to them from MRED and its real estate professionals.

This is the latest in efforts by MRED to increase the availability of Green data. Consumers today are demanding greater access to this information to make more environmentally informed choices about homes to purchase. Brokers having this information available on their listings helps to promote the sale of those properties. Specifically, data regarding the Green Features of homes and energy/green ratings, available in homes listed in MRED’s MLS system, is now displayed on two of the most visited real estate sites in the country.

This is also about the bigger picture. MRED recently entered into the Home Energy Information Accelerator Partnership Agreement with the U.S. Department of Energy, supporting the national initiative to improve energy efficiency via the distribution of energy information. This will eventually result in even more information available through MRED’s MLS system as well as for distribution to real estate web sites.

“MRED sets the standard for MLSs in many ways,” said MRED President/Chief Executive Officer Rebecca Jensen. “We’ve challenged ourselves to step up and lead the way on Green and energy information as well. This is a great benefit to our own real estate professionals, but I’m proud that this is also a public service for the many consumers interested in Chicagoland real estate.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for five consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.

MRED Chicagoland Report for June, 2015

The curtain closes and the first half of 2015 is a finished act. Monthly market analysis helps nudge the real estate story forward for a final bow. The orchestra (consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas, er, markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.

New Listings in Chicagoland were up 4.9 percent for detached homes and 5.5 percent for attached properties. Listings Under Contract increased 22.2 percent for detached homes and 22.0 percent for attached properties.

The Median Sales Price was up 4.9 percent to $235,950 for detached homes and 8.3 percent to $195,000 for attached properties. Months Supply of Inventory decreased 13.3 percent for detached units and 12.0 percent for attached units.

Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

#1 Reason to Sell Your House Now!

#1 Reason to Sell Your House Now! | Keeping Current Matters

If you are one of the many homeowners out there who are debating putting their house on the market this year, don’t miss out on the great opportunity you have right now!

The latest Existing Home Sales Report from The National Association of Realtors (NAR), reveals that the inventory of homes for sale has dropped to a 5.1-month supply.

Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:

Inventory & Pricing | Keeping Current MattersThere are more buyers that are ready, willing and able to buy now, than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Bottom Line

Home prices are appreciating in this seller’s market. Listing now will give you the most exposure to buyers who will be competing against each other to buy your house.

Blog post via KCM Blog

Pending Home Sales Reach Highest Mark In 9 Years!

Pending Home Sales Reach Highest Mark In 9 Years! | Keeping Current Matters

The National Association of Realtors (NAR) recently released their Pending Home Sales Index Report and revealed that it is at its highest level since April 2006.

The Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales.

Every region of the country has experienced year-over-year gains in pending sales as seen below:

Pending Home Sales by Region | Keeping Current MattersNAR’s Chief Economist, Lawrence Yun cites job creation as a major reason that the housing market has boomed this spring, going on to say,

“It’s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”

Yun went on to caution that,

“Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages. Without meaningful gains in new and existing supply, there’s no question the goalpost will move further away for many renters wanting to become homeowners.”

So What Does This Mean To Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean to Sellers?

If you are on the fence about listing your home for sale right now and debating whether now is the time to move on with your plans of relocating… now is the time!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

Blog Post via KCM Blog

MRED Chicagoland Report for May, 2015

The U.S. economy has been pretty even so far this year. Usually when new figures are released, they paint a pretty picture worthy of putting above the fireplace in that purchased new home. Recently, some numbers for the first quarter were adjusted to show a slight contraction in the economy. The initial response from Wall Street was unfavorable, but the correction itself is truly a mere blip. Nobody is predicting that the market will take a sudden turn.

New Listings in Chicagoland were up 0.2 percent for detached homes and 6.6 percent for attached properties. Listings Under Contract increased 21.0 percent for detached homes and 19.9 percent for attached properties.

The Median Sales Price was up 8.3 percent to $222,000 for detached homes and 8.0 percent to $189,000 for attached properties. Months Supply of Inventory decreased 11.5 percent for detached units and 9.8 percent for attached units.

One interesting effect of a weaker-than-expected economy is that the Federal Reserve does not seem ready to raise short-term interest rates during summer, as some had suggested might happen. New projections indicate that rates will remain the same until September at the earliest. The dominant storylines in housing are decidedly not negative these days. Instead, you’re more likely to see top sales and luxury living highlighted than the woes of foreclosures and short sales.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

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