MRED Blog

The total number of active and temporary listings in MRED’s database reached its lowest point since mid-June during the past week. This mark was the culmination of the fourth straight week of declines in connectMLS inventory as the market appears to be entering its annual cool down. Other indications of this included a 29% week-over-week drop in closed listings and a 5% week-over-week dip in listings under contract, although both of these numbers bested their 2019 counterparts.

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MRED’s market is showing mixed indicators as the calendar flips to November. Closed listings achieved their third-largest total since the beginning of May, reaching a 28% week-over-week increase while besting 2019’s totals by 20%. However, the sixth straight week of declines in new listings pushed 2020’s marks below 2019’s tally for the first time in two months. Listings under contract also dipped compared to last week and for the eighth time in 11 weeks, but still outpace 2019 by 36%.

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Listings under contract in MRED’s service area spiked during the week of Oct. 19. The total of 3,893 was a 14.6% week-over-week increase while topping 2019’s total by 57.8%. Further indicators of a potentially strong upcoming winter market included week-over-week consistency in open house totals and closed listings, with both metrics only showing marginal declines.

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Rental Beasts’ October market report found that renters are finding concessions, and Chicago’s market is no exception.

According to the report:

“As Chicago heads into its traditional off-peak rental season, it is not clear if this year will deviate from pre-established rental patterns. Bucking the trends in other cities, Chicago reported declines in YOY Rental Concessions in June, July, and August. However, as property managers and owners seek to secure as many tenants as possible before the colder weather arrives, Chicago registered an 11% YOY increase in Rental Concessions.”

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Rental Beast is an included MRED subscriber benefit. Its Apply Now tool simplifies the rental application process by providing background and criminal history checks for property owners.

Click here to learn more about Rental Beast

Click here to learn more about Apply Now

Already using Rental Beast? Click here to get all your questions answered and access education resources including on-demand webinars, self-paced courses and how-to guides.

The median residential sales price in MRED’s service area reached its highest mark in a month for the week ending Oct. 18. At $260,000, the median price was a 2.8% week-over-week increase and topped 2019’s price for the same week by 13.9%.

This indicator of a stronger fall market was accompanied by annual increases in closed listings. While new listings and listings under contract both saw week-over-week decreases, each total remained ahead of 2019’s numbers.

Click here to access the full report.

Closed listings, listings under contract and new listings all saw decreased week-over-week totals in MRED’s service area to kick off the first full week of October. Closed listings were down 37% while listings under contract saw a weekly decline for the third week in a row. These 2020 totals still remained ahead of their 2019 counterparts as closed listings (15%), listings under contract (42%) and new listings (5%) all showed year-over-year growth.

The weekly declines happened even as total active listings increased and residential open houses posted its highest weekly total in more than seven months (4,164).

Click here to access the full report.