MRED Chicagoland Report for April 2016
May 24, 2016
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The housing market is being predictable, and that’s a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
New Listings in Chicagoland were down 1.8 percent for detached homes and 2.3 percent for attached properties. Listings Under Contract increased 17.9 percent for detached homes and 22.3 percent for attached properties.
The Median Sales Price was up 12.2 percent to $230,000 for detached homes and 10.5 percent to $200,000 for attached properties. Months Supply of Inventory decreased 21.5 percent for detached units and 29.2 percent for attached units.
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
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.