MRED Chicagoland Report for July, 2016
Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.
New Listings in Chicagoland were down 7.0 percent for detached homes and 3.1 percent for attached properties. Listings Under Contract increased 8.5 percent for detached homes and 4.3 percent for attached properties.
The Median Sales Price was up 6.1 percent to $244,000 for detached homes and 2.6 percent to $195,000 for attached properties. Months Supply of Inventory decreased 20.8 percent for detached units and 24.2 percent for attached units.
Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.
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.