MRED Chicagoland Report for October, 2017
As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
New Listings in Chicagoland were down 9.6 percent for detached homes and 4.9 percent for attached properties. Listings Under Contract increased 10.0 percent for detached homes and 6.3 percent for attached properties.
The Median Sales Price was up 9.2 percent to $220,000 for detached homes and 7.8 percent to $179,950 for attached properties. Months Supply of Inventory decreased 20.5 percent for detached units and 22.7 percent for attached units.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.
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.