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Category Archives: Statistics

MRED Chicagoland Report for April 2017

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

New Listings in Chicagoland were down 8.9 percent for detached homes and 5.0 percent for attached properties. Listings Under Contract increased 1.5 percent for detached homes but decreased 0.2 percent for attached properties.

The Median Sales Price was up 7.8 percent to $242,500 for detached homes and 2.8 percent to $205,000 for attached properties. Months Supply of Inventory decreased 19.4 percent for detached units and 20.7 percent for attached units.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

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 March, 2017

We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.

New Listings in Chicagoland were up 0.5 percent for detached homes and 3.3 percent for attached properties. Listings Under Contract increased 12.9 percent for detached homes and 13.9 percent for attached properties.

The Median Sales Price was up 13.6 percent to $232,800 for detached homes and 5.2 percent to $192,500 for attached properties. Months Supply of Inventory decreased 20.1 percent for detached units and 23.8 percent for attached units.

The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.

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, 2017

January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.

New Listings in Chicagoland were down 1.1 percent for detached homes but increased 7.6 percent for attached properties. Listings Under Contract increased 18.6 percent for detached homes and 14.4 percent for attached properties.

The Median Sales Price was up 7.7 percent to $210,000 for detached homes and 7.7 percent to $175,500 for attached properties. Months Supply of Inventory decreased 21.5 percent for detached units and 24.1 percent for attached units.

In case you missed it, we have a new U.S. president. In his first hour in office, the .25 percentage point rate cut on mortgage insurance premiums for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.

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.

MRED Chicagoland Report for December, 2016

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

New Listings in Chicagoland were down 9.5 percent for detached homes and 4.7 percent for attached properties. Listings Under Contract increased 9.0 percent for detached homes and 11.1 percent for attached properties.

The Median Sales Price was up 7.5 percent to $215,000 for detached homes and 7.9 percent to $178,000 for attached properties. Months Supply of Inventory decreased 21.2 percent for detached units and 25.5 percent for attached units.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.

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. Additionally, the Q4 2016 report and 2016 Annual reports have also been posted on the Statistics home page. 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 October, 2017

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

New Listings in Chicagoland were down 9.6 percent for detached homes and 4.9 percent for attached properties. Listings Under Contract increased 10.0 percent for detached homes and 6.3 percent for attached properties.

The Median Sales Price was up 9.2 percent to $220,000 for detached homes and 7.8 percent to $179,950 for attached properties. Months Supply of Inventory decreased 20.5 percent for detached units and 22.7 percent for attached units.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

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 September, 2016

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

New Listings in Chicagoland were down 0.2 percent for detached homes but increased 4.1 percent for attached properties. Listings Under Contract increased 8.3 percent for detached homes and 11.9 percent for attached properties.

The Median Sales Price was up 6.2 percent to $223,000 for detached homes and 5.4 percent to $184,500 for attached properties. Months Supply of Inventory decreased 19.2 percent for detached units and 22.1 percent for attached units.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

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.