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Category Archives: Agent “Doing Business” Discussions

MRED Chicagoland Report for May 2016

We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.

New Listings in Chicagoland were up 1.1 percent for detached homes but decreased 1.3 percent for attached properties. Listings Under Contract increased 18.2 percent for detached homes and 8.8 percent for attached properties.

The Median Sales Price was up 7.1 percent to $237,000 for detached homes and 3.2 percent to $195,000 for attached properties. Months Supply of Inventory decreased 22.3 percent for detached units and 28.0 percent for attached units.

Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.

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.

Midwest Real Estate Data (MRED) Welcomes Art Carter as its Newest Board Member

CRMLS Chief Executive Officer Joins Chicagoland MLS Giant as a Strategic Manager

LISLE, ILLINOIS (June 14, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that Art Carter, Chief Executive Officer of the California Regional Multiple Listing Service (CRMLS), has been elected to MRED’s Board as its new Strategic Manager.

MRED created the position of Strategic Manager, to be filled by up to two individuals at the discretion of and election by MRED’s Board members.  Strategic Managers are invited onto the Board because of their expertise and participate on an advisory basis.  Their input is invited to enhance the ability of MRED’s leadership to make the best decisions and serve their real estate professionals in the most effective manner.

As CEO, Mr. Carter oversees the strategic direction of CRMLS.  With more than 80,000 agents, it is the MLS serving the largest number of real estate professionals in the country, encompassing thirty-six (36) REALTOR® associations across California.  Mr. Carter has been CEO of CRMLS since 2005, and under his leadership it has successfully merged with three other MLSs, obtaining over 40,000 new members.  Mr. Carter is one of Inman News’ 100 Most Influential Real Estate Leaders and one of the Top 20 Association/MLS Executives in the Swanepoel Power 200.  In 2012, he was inducted into the Dr. Almon R. (Bud) Smith, RCE, AE Leadership Society in recognition of this dedicated service and commitment to advancing the REALTOR® organization and the Association Management profession.  A Past President of the Council of Multiple Listing Services (CMLS), he is currently serving as the Chair of the Real Estate Standards Organization (RESO).

“MRED is a powerhouse in the MLS industry,” said Mr. Carter.  “I look forward to joining the leadership of such a distinguished organization.  It is more important than ever for the industry to work together, and my new role will enable two of the largest MLSs in the country to collaborate at the highest level.“

“Art Carter is one of the most respected voices in our industry,” said MRED President and Chief Executive Officer Rebecca Jensen.  “I speak for MRED’s Board and myself when I state how fortunate we feel to have Art join our Board.  His broad industry experience and noteworthy accomplishments will be invaluable to MRED as we address the many challenges ahead.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for three years running according to the WAV Group MLS Technology Survey.  MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for five consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal.  For more information please visit MREDLLC.com.

Home Prices Up 5.67% Across The Country! [Infographic]

MRED and Upstream

Please check out MREDLLC.com/upstream.asp.  This page has just been modified to include the most current information we have about the Upstream initiative.  Specifically, check out the new link called “Infographic – Scope of Upstream’s Implementation at MRED”.

There have been a few other changes the last few days, so it might be beneficial to scan the site for any other recent information.

Thank you!

MRED Chicagoland Report for April 2016

The housing market is being predictable, and that’s a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.

New Listings in Chicagoland were down 1.8 percent for detached homes and 2.3 percent for attached properties. Listings Under Contract increased 17.9 percent for detached homes and 22.3 percent for attached properties.

The Median Sales Price was up 12.2 percent to $230,000 for detached homes and 10.5 percent to $200,000 for attached properties. Months Supply of Inventory decreased 21.5 percent for detached units and 29.2 percent for attached units. 

There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.

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.

 

Where is Housing Headed for the Rest of 2016?

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With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year. People are beginning to ask questions such as:

  • Will disappointing economic news adversely impact housing?
  • Is affordability a major concern in today’s real estate market?
  • Are we approaching a new housing bubble?
  • Are mortgage standards too tight? Or have they loosened too much?

Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:

“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.

We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy.”

What about real estate?

Freddie Mac was much more optimistic about housing…

“We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity.”

They went on to conclude:

“We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year.”

Blog post via KCM Blog