MRED Blog
REinventing MLS
Category Archives: Statistics
3 Promising Graphs on the Nation’s Mortgage Market
It’s been roller coaster ride following the nation’s mortgage markets, so Chicago Agent Magazine decided to take a more long-term view at some of the key stats at play – and how, with only one exception, things have improved quite a bit.Road to Recovery: Housing Shows Strength in 2014 [Infographic]
Infographic via IAR Market Stats
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/2014/12/Existing-Home-Sales-December.jpg)
Infographic via KCM Blog
MRED Chicagoland Report for December, 2014
It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing.
New Listings in Chicagoland were up 4.9 percent for detached homes but decreased 2.5 percent for attached properties. Listings Under Contract increased 27.8 percent for detached homes and 15.0 percent for attached properties.
The Median Sales Price was up 1.7 percent to $183,000 for detached homes and 7.7 percent to $159,900 for attached properties. Months Supply of Inventory increased 1.0 percent for detached units but was down 6.4 percent for attached units.
Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.
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’s December Market Statistics package will also be posted soon.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
What’s the Illinois Housing Market Look Like for 2015? [Infographic]
Read more about the Housing Price Forecast from IAR
MRED Chicagoland Report for November, 2014
With 2015 near, some are pontificating about a potential change in interest rates. With virtually no inflation, rates will likely remain low for most of 2015 but could flirt with 5.0 percent toward the end of next year. Construction permits and housing starts have upward momentum, which is news in some areas but familiar in others. Prices should continue their ascent but at a tempered pace compared to recent years, which helps preserve affordability for first-time buyers.
New Listings in Chicagoland were up 2.5 percent for detached homes and 4.7 percent for attached properties. Listings Under Contract increased 9.3 percent for detached homes and 8.9 percent for attached properties.
The Median Sales Price was up 5.7 percent to $185,000 for detached homes and 10.0 percent to $154,000 for attached properties. Months Supply of Inventory increased 5.3 percent for detached units but was down 2.2 percent for attached units.
It has largely been another recovery year in 2014, yet mortgage credit and student debt remain obstacles even as the U.S. leads the global economy toward recovery. As this recovery matures, many metrics are approaching a healthy balancing point. Rates have remained much lower than most forecasters expected, and inventory levels finally started rising in most areas as sellers generally listed more properties as a result of stronger prices. Job growth should continue and wage growth is expected to pick up.
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’s November Market Statistics package is scheduled to be posted this Monday, December 22nd.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
MRED Blog 