MRED Blog

We're REinventing MLS . . .

Taking the Spooky Out of the Mortgage Process [Infographic]

Taking the "Spooky" Out of the Mortgage Process | Keeping Current Matters

Infographic via KCM Blog

September 2014 Existing-Home Sales [Infographic]

Mortgage Rates Hit 2014 Lows [Infographic]

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Infographic via IAR Market Stats

MRED Staying Plugged In

MLS Giant Well-Represented at RESO Plugfest and
Fall Conference in Las Vegas, Nevada

LISLE, ILLINOIS (October 21, 2014) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), is attending the Real Estate Standards Organization (RESO) Plugfest and Fall Conference October 21 – 23, 2014 at the Monte Carlo Hotel in Las Vegas, Nevada.

RESO is a group of real estate organizations working together to develop and implement data standards and processes that support innovation, ensure portability, eliminate redundancies and obtain maximum efficiencies for all parties participating in the real estate transaction. RESO’s ultimate goal is a fully automated real estate transaction facilitated by data standards and processes accepted by real estate professionals everywhere.

The Real Estate Transaction Standard (RETS) is a common language spoken by systems handling real estate information such as multiple listing services (MLSs). Most of RESO’s work currently involves RETS and data definitions to be utilized within RETS. Standardization of data fields and ease of portability of data are of the highest priority to MRED and other MLSs for efficiency of data delivery and the minimizing of expense related to these activities.

This year, for the first time, RESO is hosting a Plugfest the first day. A “Plugfest” is an event where software developers gather to test the interoperability of their products, designs or concepts with others, and meet and collaborate on solving common technological issues facing their particular community or industry. Working together on this level promises to result in great innovation and special new ideas and initiatives that benefit the real estate industry.

MRED’s Director of Special Projects, Chris Lambrou, and Network Services Manager, Richard Torp, are in attendance at the Plugfest as well as the Fall Conference.

“MRED is very committed to RESO and its work, as evidenced by our being its first Charter Member and our sustained and continuing participation,” said Jeff Gregory, MRED Chairman of the Board. “It is very important for us to attend and participate in RESO events, to stay abreast of all of the progress RESO and its member organizations are making in creating the most streamlined and efficient real estate transaction.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 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 four 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 September, 2014

Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.

New Listings in Chicagoland were up 15.9 percent for detached homes and 13.4 percent for attached properties. Listings Under Contract increased 18.7 percent for detached homes and 17.4 percent for attached properties.

The Median Sales Price was up 5.3 percent to $200,000 for detached homes and 8.6 percent to $165,000 for attached properties. Months Supply of Inventory increased 5.2 percent for detached units but was down 3.1 percent for attached units.

The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.

MRED real estate professionals can login to MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators reports.  MRED’s September Market Statistics package will be posted on Tuesday, October 21st.

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

Foot Traffic for September 2014

Foot Traffic September 2014

Infographic via National Association of REALTORS®

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