MRED Chicagoland Report for July, 2017
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.