MRED Blog

MRED Chicagoland Report for March, 2015.

All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.

New Listings in Chicagoland were up 19.3 percent for detached homes and 9.4 percent for attached properties. Listings Under Contract increased 34.5 percent for detached homes and 21.6 percent for attached properties.

The Median Sales Price was up 13.1 percent to $198,000 for detached homes and 16.2 percent to $180,100 for attached properties. Months Supply of Inventory decreased 5.4 percent for detached units and 7.6 percent for attached units.

On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.

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.