MRED Chicagoland Report for February, 2016
The primary story, both nationally and in local submarkets, is a dwindling months’ supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.
New Listings in Chicagoland were up 18.0 percent for detached homes and 14.1 percent for attached properties. Listings Under Contract increased 28.2 percent for detached homes and 25.3 percent for attached properties.
The Median Sales Price was up 8.6 percent to $189,900 for detached homes and 5.8 percent to $164,000 for attached properties. Months Supply of Inventory decreased 20.9 percent for detached units and 23.8 percent for attached units.
National housing starts were up by 10.8 percent at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0 percent and we have witnessed an unprecedented 70 consecutive months of
private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.
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.