August 28, 2017
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Illinois REALTORS® has released the statewide July 2017 housing report.
“It continues to be a strong summer for sellers. Homes are selling at a record pace, averaging just 47 days on the market statewide—with the median price up 5.8%. Low housing inventory drove up buyer competition and prices—in July, there was a 12.6% decrease in homes for sale year-over-year statewide.”
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August 16, 2017
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How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
New Listings in Chicagoland were up 0.3 percent for detached homes and 5.5 percent for attached properties. Listings Under Contract increased 5.5 percent for detached homes and 7.2 percent for attached properties.
The Median Sales Price was up 4.2 percent to $250,000 for detached homes and 5.0 percent to $204,750 for attached properties. Months Supply of Inventory decreased 16.7 percent for detached units and 17.1 percent for attached units.
Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
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.
August 2, 2017
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Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.
Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.
Here is a chart showing the decrease in inventory levels by category:
Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.
Blog Post via KCM Blog