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MRED Chicagoland Report for August, 2014
Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.
New Listings in Chicagoland were up 4.6 percent for detached homes and 1.1 percent for attached properties. Listings Under Contract increased 4.6 percent for detached homes and 3.1 percent for attached properties.
The Median Sales Price was up 8.1 percent to $219,900 for detached homes and 9.3 percent to $177,000 for attached properties. Months Supply of Inventory increased 4.4 percent for detached units but was down 4.4 percent for attached units.
Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.
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. MRED’s August Market Statistics package will be posted on Monday, September 22nd.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@mredllc.com.
NAR’s Existing Home Sales Report [Infographic]
![NAR's Existing Home Sales Report [INFOGRAPHIC] | Keeping Current Matters](https://i0.wp.com/www.keepingcurrentmatters.com/wp-content/uploads/2014/08/Existing-Home-Sales-Report-July.jpg)
Infographic via KCM Blog
MRED Real Estate Agents Going Global
LISLE, ILLINOIS – August 28, 2014 – Midwest Real Estate Data LLC has opened another door for its real estate professionals by providing the capacity to market and facilitate international real estate transactions easily in their MLS. The latest update to their award-winning solution, connectMLS, was just released, and includes the ability to add and manage listings located outside of the United States.
In response to a recent increase in real estate transactions abroad, MRED collaborated closely with dynaConnections Corp. (provider of connectMLS) to create custom International Listing functions that allow their customers to work with intercontinental clients and their properties. With this new function, MRED real estate professionals now have an opportunity to access the global growing market of real estate transactions through a fast, secure, and mobile-friendly MLS solution, connectMLS.
“MRED continues to grow and expand how it serves its customers,” said Jeff Gregory, MRED Chairman of the Board. “Real estate has gone global, and there is no better way for us to support our real estate professionals than to give them the best functionality for international listings in our connectMLS system. Kudos to MRED staff and dynaConnections for delivering yet again, and providing a most effective way for properties to be marketed and found in our MLS.”
About dynaConnections Corporation and connectMLS™
dynaConnections Corporation is an Austin-based real estate software company that is renowned for constant innovation and dedication to service. Its flagship product, connectMLS™, is a patent-pending, one-of-a-kind multiple listing service solution that is second to none with millisecond response time and ease of access on all devices and web browsers. Rich embedded features and seamless integrations allow connectMLS to be an intuitive, all-in-one real estate transaction manager for both agents and clients. For over thirteen years, dynaConnections and the connectMLS solution have been continually exceeding all standards of what the real estate industry expects from an MLS provider. For more information, visit: http://www.dynaconnections.com.
About Midwest Real Estate Data LLC
Midwest Real Estate Data (MRED) (http://www.mredllc.com) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 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 two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News (http://www.inman.com) Most Innovative MLS/Real Estate Trade Association, and for four 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 (http://www.benchmarkportal.com). For more information please visit MREDLLC.com.
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dynaConnections and connectMLS are registered trademarks of dynaConnections Corporation. All other company and product names may be trademarks of the respective companies with which they are associated.
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