AUGUST 2012 MONTHLY MARKET REPORTS
As the school-aged among us work their way back into classrooms across America, we continue to monitor key improvements in the local housing market with a keener eye. With two-thirds of 2012 complete, we’re starting to get a sense for how the year will shake out. Headlines include encouraging phrases like “Recovery Takes Hold,” “Home Prices on the Rise” and “Situation Eases for Sellers.” Local market conditions can vary. Let’s see just how much.
New Listings in Chicagoland were down 1.5 percent for detached homes and 9.0 percent for attached properties. Listings Under Contract increased 54.0 percent for detached homes and 70.5 percent for attached properties.
The Median Sales Price was down 2.7 percent to $180,000 for detached homes and 4.8 percent to $135,199 for attached properties. Months Supply of Inventory decreased 42.4 percent for detached units and 56.4 percent for attached units.
With election season in full swing, both politicians and economists will place extra emphasis on jobs and unemployment figures. Recognizing the relationship between jobs and housing demand, the most tuned-in agents and brokers will do the same. The truth is, the economy is and has been expanding consistently for years, albeit at a disjointed pace. There’s reason for optimism going into the last third of 2012 and even into 2013, and housing is actually playing a large role in that positive outlook.
MRED Customers: please go to MREDLLC.com. After logging in, click on the Statistics tab. There you will find the following:
MRED’s Monthly Indicators Report for August 2012
[NOTE: Residential Detached and Attached single family activity only.]
MRED’s Lender Mediated Report for August 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.]