MRED Chicagoland Report for August, 2016
Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.
New Listings in Chicagoland were down 0.6 percent for detached homes and up 3.2 percent for attached properties. Listings Under Contract were up 13.7 percent for detached homes and 11.1 percent for attached properties.
The Median Sales Price was up 7.7 percent to $237,000 for detached homes and 1.1 percent to $188,000 for attached properties. Months Supply of Inventory decreased 21.4 percent for detached units and 23.4 percent for attached units.
As inventory continues to drop, the contradictions of today’s market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.
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.