MRED Chicagoland Report for September, 2015
The third quarter of 2015 has ticked its last tock with the hands pointing firmly upon a reliable clock of a market. Although noon and 6:30 fluctuations are present even within the same states and cities, the overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.
New Listings in Chicagoland were up 0.1 percent for detached homes but decreased 4.9 percent for attached properties. Listings Under Contract increased 19.5 percent for detached homes and 9.6 percent for attached properties.
The Median Sales Price was up 5.0 percent to $210,000 for detached homes and 6.1 percent to $175,000 for attached properties. Months Supply of Inventory decreased 19.1 percent for detached units and 17.8 percent for attached units.
With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year’s end. Until then, get out and enjoy the season.
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.