MRED Blog

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings in Chicagoland were up 3.8 percent for detached homes and 7.8 percent for attached properties. Listings Under Contract increased 8.0 percent for detached homes and 7.1 percent for attached properties.
The Median Sales Price was up 5.5 percent to $232,000 for detached homes and 4.4 percent to $190,000 for attached properties. Months Supply of Inventory decreased 14.8 percent for detached units and 11.8 percent for attached units.
Last year at this time, the national story line was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

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 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 Held Desk at 630-955-2755 or help.desk@MREDLLC.com.

August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural
market cooldown before any actual temperature change. Competition is expected
to remain fierce for available listings. Savvy sellers and buyers know that deals can
be made well into the school months, as household formations take on many
shapes and sizes.

New Listings in Chicagoland were up 2.8 percent for detached homes and 10.4
percent for attached properties. Listings Under Contract increased 9.0 percent for
detached homes and 8.0 percent for attached properties.

The Median Sales Price was up 3.0 percent to $242,000 for detached homes and
7.0 percent to $199,900 for attached properties. Months Supply of Inventory
decreased 15.8 percent for detached units and 14.3 percent for attached units.

The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.

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.

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.