MRED Chicagoland Report for March, 2014
During this year’s spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable. It’s cheaper to own than to rent in most of the country.
New Listings in Chicagoland were up 6.0 percent for detached homes and 15.0 percent for attached properties. Listings Under Contract increased 6.8 percent for detached homes and 11.8 percent for attached properties.
The Median Sales Price was up 6.1 percent to $175,000 for detached homes and 25.1 percent to $155,000 for attached properties. Months Supply of Inventory decreased 23.5 percent for detached units and 34.7 percent for attached units.
Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.
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.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.