MRED Chicagoland Report for January, 2016
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.