MRED’S APRIL 2013 MONTHLY MARKET REPORT
The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up.
New Listings in Chicagoland were up 11.0 percent for detached homes and 8.6 percent for attached properties. Listings Under Contract increased 47.5 percent for detached homes and 57.1 percent for attached properties.
The Median Sales Price was up 7.8 percent to $180,000 for detached homes and 6.3 percent to $138,200 for attached properties. Months Supply of Inventory decreased 48.1 percent for detached units and 61.8 percent for attached units.
The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That’s causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery.