MRED Chicagoland Report for December, 2015
In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy, in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
New Listings in Chicagoland were down 6.5 percent for detached homes and 8.2 percent for attached properties. Listings Under Contract increased 15.4 percent for detached homes and 18.0 percent for attached properties. The Median Sales Price was up 10.9 percent to $203,000 for detached homes and 3.5 percent to $165,000 for attached properties. Months Supply of Inventory decreased 23.2 percent for detached units and 24.2 percent for attached units. Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.
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.