MRED Chicagoland Report for April, 2015
As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings in Chicagoland were up 9.4 percent for detached homes and 5.6 percent for attached properties. Listings Under Contract increased 28.7 percent for detached homes and 18.7 percent for attached properties.
The Median Sales Price was up 9.0 percent to $205,000 for detached homes and 9.2 percent to $181,250 for attached properties. Months Supply of Inventory decreased 8.2 percent for detached units and 9.0 percent for attached units.
The national home ownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and movie making.
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.