Spring has brought both change and clarity to our local market. Some sellers are seeing competing bids on their properties which have led to modest price gains. Buyers have fewer options from which to choose in many submarkets. Headlines and sound bites can often mask regional variability. With fewer distressed properties selling, prices are effectively “melting up” due to less downward pressure. May looked pretty good all around.
New Listings in Chicagoland were down 2.3 percent for detached homes and 10.5 percent for attached properties. Listings Under Contract increased 50.2 percent for detached homes and 64.2 percent for attached properties.
The Median Sales Price was up 3.2 percent to $178,000 for detached homes but decreased 3.4 percent to $140,000 for attached properties. Months Supply of Inventory decreased 40.7 percent for detached units and 53.7 percent for attached units.
In economic news, May’s jobs report was disappointing, and there’s a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.
Click HERE to see MRED’s Monthly Indicators Report for May 2012
[NOTE: Residential Detached and Attached single family activity only.]
Click HERE to see MRED’s Lender Mediated Report for May 2012
[NOTE: Lender-mediated properties are those marked in MRED as “Foreclosed”, “REO”, “Pre-Foreclosure” or “Short Sale”. Residential Detached and Attached single family activity only.]
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