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MRED Chicagoland Report for March, 2016
Negative housing headlines should be read with calm or skepticism, not alarm. National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.
New Listings in Chicagoland were up 4.6 percent for detached homes but remained relatively flat for attached properties. Listings Under Contract increased 17.6 percent for detached homes and 16.5 percent for attached properties.
The Median Sales Price was up 6.6 percent to $210,000 for detached homes and 2.8 percent to $185,000 for attached properties. Months Supply of Inventory decreased 20.0 percent for detached units and 25.1 percent for attached units.
Employment figures are positive, wages are going up and employers are hiring. Consumers are holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. The second quarter tends to rank as the best time to list a home for sale. But if inventory stays low, it will be difficult to sustain sales increases in year-over-year comparisons. Prices are seemingly not so high as to stall the market completely. Demand is present but an abundance of choice is not, and therein lies the rub.
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.
MRED Chicagoland Report for January, 2016
The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.
New Listings in Chicagoland were up 0.8 percent for detached homes but decreased 3.4 percent for attached properties. Listings Under Contract increased 10.4 percent for detached homes and 9.5 percent for attached properties.
The Median Sales Price was up 13.1 percent to $196,750 for detached homes and 6.2 percent to $163,000 for attached properties. Months Supply of Inventory decreased 22.3 percent for detached units and 24.3 percent for attached units.
Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this year.
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) Announces 2016 Leadership Team
Leader of MLS Giant Welcomes Two New Board Members
LISLE, ILLINOIS (February 11, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that its 2016 Board of Managers has been installed and its officers elected. Serving on MRED’s Board of Managers for 2016 are:
- Michael Emery, Urban Real Estate
- Jeff Gregory, Realty Executives Success
- Chris Haran, Coldwell Banker Residential
- Jim Haisler, Heartland Realtor® Organization (HRO)
- Ruth “Drussy” Hernandez, CONLON: A Real Estate Company
- Pam Krieter, Mainstreet Organization of Realtors® (MORe)
- John Matthews, Baird & Warner
- John Murray, Key Realty
- Jim Nelson, Jr., RE/MAX Suburban
- Thomas Poulos, Gagliardo Realty Associates
- Al Rossell, Jack Carpenter Organization
- Molly Ryan, Berkshire Hathaway HomeServices KoenigRubloff
- Aaron Starck, Berkshire Hathaway HomeServices Stark Real Estate
- Anthony Trotto, Anthony J. Trotto Real Estate
- Paul Wells, RE/MAX of Barrington
Continuing to serve as MRED’s Strategic Manager is David Charron, the President and Chief Executive Officer of Metropolitan Regional Information Systems (MRIS). The newly elected Board members are John Murray of Key Realty and Thomas Poulos of Gagliardo Realty Associates.
MRED’s Board of Managers annually nominates and elects officers to guide the company through the upcoming year. This year’s officers have performed their duties at such a high level and work so well together that the Board of Managers has reelected all to the same positions they held in 2015.
The 2016 leadership team includes:
- Chairman of the Board – Jeff Gregory, Managing Broker and Owner of Realty Executives Success in Plainfield
- Vice-Chair – John Matthews, Manager of Baird & Warner in Oak Park
- Treasurer – Paul Wells, Managing Broker and Owner of RE/MAX of Barrington
- Secretary – Molly Ryan, Vice President & General Counsel of Berkshire Hathaway HomeServices KoenigRubloff
“I am pleased the Board continues to place its confidence in these four individuals as MRED’s Officers for 2016,” said MRED President and Chief Executive Officer Rebecca Jensen. “What better endorsement of the job they have done than to reelect them? I love working with these very accomplished and experienced individuals and look forward to a fantastic 2016.”
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 two 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.
MRED Chicagoland Report for December, 2015
In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy, in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
New Listings in Chicagoland were down 6.5 percent for detached homes and 8.2 percent for attached properties. Listings Under Contract increased 15.4 percent for detached homes and 18.0 percent for attached properties. The Median Sales Price was up 10.9 percent to $203,000 for detached homes and 3.5 percent to $165,000 for attached properties. Months Supply of Inventory decreased 23.2 percent for detached units and 24.2 percent for attached units. Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.
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.
MRED Chicagoland Report for November, 2015
Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year. Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.
New Listings in Chicagoland were down 0.4 percent for detached homes but increased 0.4 percent for attached properties. Listings Under Contract increased 22.8 percent for detached homes and 17.9 percent for attached properties.
The Median Sales Price was up 8.1 percent to $200,000 for detached homes and 8.3 percent to $166,500 for attached properties. Months Supply of Inventory decreased 22.3 percent for detached units and 21.9 percent for attached units.
Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior. Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.
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.
MRED President/CEO Rebecca Jensen Honored with WCR Chicago’s Elevate Award
Leader of MLS Giant Recognized for Her Leadership and “Breaking Glass Ceilings”
LISLE, ILLINOIS (December 17, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that its President/Chief Executive Officer Rebecca Jensen has been awarded the Women’s Council of Realtors® (WCR) Chicago’s Elevate Award, which recognizes an individual or company that promotes and supports the advancement of women in real estate.
WCR Chicago chose to recognize Ms. Jensen for her great accomplishments in the MLS industry and the wonderful example she has set for women in real estate.
Ms. Jensen arrived at MRED on March 2, 2015. She has worked in the MLS industry since 1998, and for the eight years before MRED she was the CEO of Utah’s regional MLS, UtahRealEstate.com. She is a member of the Executive Committee for the COVE MLS group and the MLS Executive Advisory Board at Realtor.com. Ms. Jensen also serves as Secretary for the Real Estate Standards Organization (RESO) and on the Broker Public Portal (BPP) Board of Managers. Ms. Jensen is one of the Swanepoel 200 Most Powerful People in Residential Real Estate and a Utah Business Magazine Forty Under 40 Honoree. She has also been recognized as a 2015 Rising Star by HousingWire Magazine.
“It was an honor to present the Elevate Award to the President/Chief Executive Officer of MRED,” said Sarah Ware, 2016 WCR Chicago President and Broker/Owner of Ware Realty Group. “Although there are as not as many women leaders in our industry as we would like, we are making great strides to level the playing field. This also speaks to the core mission of Women’s Council of Realtors ‘advancing women as professionals and leaders in business, the industry and the communities we serve.’ Congratulations again to Rebecca”
“The Chicago Chapter of WCR has recognized the amazing ability that Rebecca has to inspire greatness in others,” said Jeff Gregory, MRED Chairman of the Board and Broker Owner of Realty Executives Success. “She is truly a leader that others want to follow. What she has done and continues to do in the real estate industry will impress and inspire others — for years to come.”
“I cannot express how honored I am to receive the Elevate Award,” said Jensen. “I have been a strong supporter of WCR throughout my professional career, and respect the organization’s strong commitment to education and the elevation of women within our industry. I am flattered to join the list of successful individuals and companies that have been the previous recipients of this prestigious honor.”
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 two 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.
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