MRED Chicagoland Report for December, 2014
It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing.
New Listings in Chicagoland were up 4.9 percent for detached homes but decreased 2.5 percent for attached properties. Listings Under Contract increased 27.8 percent for detached homes and 15.0 percent for attached properties.
The Median Sales Price was up 1.7 percent to $183,000 for detached homes and 7.7 percent to $159,900 for attached properties. Months Supply of Inventory increased 1.0 percent for detached units but was down 6.4 percent for attached units.
Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.
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. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics. MRED’s December Market Statistics package will also be posted soon.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.