February 18, 2016
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The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.
New Listings in Chicagoland were up 0.8 percent for detached homes but decreased 3.4 percent for attached properties. Listings Under Contract increased 10.4 percent for detached homes and 9.5 percent for attached properties.
The Median Sales Price was up 13.1 percent to $196,750 for detached homes and 6.2 percent to $163,000 for attached properties. Months Supply of Inventory decreased 22.3 percent for detached units and 24.3 percent for attached units.
Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this 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.
February 17, 2016
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According to the National Association of Realtors’ (NAR) Existing Home Sales Report, homes were on market for an average of 58 days in December. This was slightly longer than the 54 days in November, but still better than the 66 days experienced in December 2014.
32% of homes across the country were on the market for less than a month!
Colorado, Utah and Delaware led all states as homes are selling in 30 days or less on average. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.
Buyer demand remains strong. The inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions!
Blog Post via KCM Blog
February 11, 2016
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Leader of MLS Giant Welcomes Two New Board Members
LISLE, ILLINOIS (February 11, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that its 2016 Board of Managers has been installed and its officers elected. Serving on MRED’s Board of Managers for 2016 are:
- Michael Emery, Urban Real Estate
- Jeff Gregory, Realty Executives Success
- Chris Haran, Coldwell Banker Residential
- Jim Haisler, Heartland Realtor® Organization (HRO)
- Ruth “Drussy” Hernandez, CONLON: A Real Estate Company
- Pam Krieter, Mainstreet Organization of Realtors® (MORe)
- John Matthews, Baird & Warner
- John Murray, Key Realty
- Jim Nelson, Jr., RE/MAX Suburban
- Thomas Poulos, Gagliardo Realty Associates
- Al Rossell, Jack Carpenter Organization
- Molly Ryan, Berkshire Hathaway HomeServices KoenigRubloff
- Aaron Starck, Berkshire Hathaway HomeServices Stark Real Estate
- Anthony Trotto, Anthony J. Trotto Real Estate
- Paul Wells, RE/MAX of Barrington
Continuing to serve as MRED’s Strategic Manager is David Charron, the President and Chief Executive Officer of Metropolitan Regional Information Systems (MRIS). The newly elected Board members are John Murray of Key Realty and Thomas Poulos of Gagliardo Realty Associates.
MRED’s Board of Managers annually nominates and elects officers to guide the company through the upcoming year. This year’s officers have performed their duties at such a high level and work so well together that the Board of Managers has reelected all to the same positions they held in 2015.
The 2016 leadership team includes:
- Chairman of the Board – Jeff Gregory, Managing Broker and Owner of Realty Executives Success in Plainfield
- Vice-Chair – John Matthews, Manager of Baird & Warner in Oak Park
- Treasurer – Paul Wells, Managing Broker and Owner of RE/MAX of Barrington
- Secretary – Molly Ryan, Vice President & General Counsel of Berkshire Hathaway HomeServices KoenigRubloff
“I am pleased the Board continues to place its confidence in these four individuals as MRED’s Officers for 2016,” said MRED President and Chief Executive Officer Rebecca Jensen. “What better endorsement of the job they have done than to reelect them? I love working with these very accomplished and experienced individuals and look forward to a fantastic 2016.”
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for five consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
February 8, 2016
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It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year.
The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months most people listed their home in for 2015. Here is a graphic showing the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,860,000.
That number spiked to 2,280,000 by May!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.
Agents: To discover proven ways to build an inventory of salable listings right now, join us today at 2PM EST for our free webinar, How to Become a Rainmaker for LISTING LEADS. There are a limited number of seats available, make sure to save your spot!
Blog post via KCM Blog