MRED Chicagoland Report for January, 2015
It’s already evident that 2015 will be marked by talk of changing mortgage rates and regulations. Rates should stay low, but consumers and finance experts alike believe that we’re at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement. It’s not expected to be the overblown land grab of the early 2000s, but it should feel like a healthy market, which, in and of itself, may feel like an odd sensation to real estate practitioners accustomed to the boom and bust of the 21st century.
New Listings in Chicagoland were up 17.8 percent for detached homes and 11.9 percent for attached properties. Listings Under Contract increased 27.6 percent for detached homes and 17.1 percent for attached properties.
The Median Sales Price was up 4.8 percent to $174,700 for detached homes and 15.0 percent to $153,500 for attached properties. Months Supply of Inventory increased 0.9 percent for detached units but was down 6.2 percent for attached units.
The 3 percent down payment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It’s all in how you look at it.
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.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.