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July 2012 Monthly Market Report
During the month of the 30th Olympiad, housing medaled in several arenas. A few short years ago, housing was considered a headwind to economic recovery. Today, housing is seen as a tailwind to a stalling economy. For the first time since 2005, housing is on track for contributing positively to national GDP in 2012. That can occur either by way of direct residential investment or through remodeling and other ancillary services. Watch for signs of sustained tailwinds in a variety of indicators, including market times, seller concessions, prices and absorption rates.
New Listings in Chicagoland were up 1.2 percent for detached homes but decreased 1.8 percent for attached properties. Listings Under Contract increased 56.3 percent for detached homes and 69.7 percent for attached properties.
The Median Sales Price was down 2.6 percent to $185,000 for detached homes and 11.7 percent to $132,500 for attached properties. Months Supply of Inventory decreased 41.5 percent for detached units and 55.2 percent for attached units.
Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue binding things together. Unimaginable a few years ago, the rate on a 30-year fixed mortgage recently ducked below the 3.49 percent marker. Job creation and GDP numbers will garner particular attention this quarter.
Click HERE to see MRED’s Monthly Indicators Report for July 2012
[NOTE: Residential Detached and Attached single family activity only.]
Click HERE to see MRED’s Lender Mediated Report for July 2012
[NOTE: Lender-mediated properties are those marked in MRED as “Foreclosed”, “REO”, “Pre-Foreclosure” or “Short Sale”. Residential Detached and Attached single family activity only.]
Daily Morning Roundup – August 14, 2012
Here are some of the top real estate posts on the social networking sites this morning:
Foreclosure Filings Down 10 percent from a year ago per RealtyTrac – from Chicago Agent Magazine – http://t.co/CjXJOhPQ
Once and For All, Which Way Are Home Prices Headed? From the KCM Blog – http://t.co/Ks9aUxze
NAR Reports 33% of Houses Sold in One Month Time Period – http://t.co/B0omBkFK
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Daily Morning Roundup – August 6, 2012
Here are some of the top real estate posts on the social networking sites this morning:
For potential sellers who think they want to rent instead; 10 questions to ask themselves from the KCM Blog – http://t.co/MnF4leHW
New Illinois Law Increases Fees for Mortgage Licensing – http://t.co/HZG53Oyo
Chicagoland new home sales rising, fueled by big gains in suburban subdivisions: http://t.co/ET1z7NeH
MRED CEO Russ Bergeron spoke at the Inman Conference last week; here is an article including some of his comments – http://t.co/2WPEvukn
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MRED CEO Russ Bergeron Is Panel Participant on MLS of Tomorrow at Inman Real Estate Connect Conference
Will Be Addressing How MLSs Can Swim in Uncharted Real Estate Waters
LISLE, IL–(Marketwire – Aug 1, 2012) – Midwest Real Estate Data (MRED) (www.mredllc.com), the Chicagoland multiple listing service (MLS), has announced that its CEO, Russ Bergeron, will be a panelist at Inman News’ upcoming Real Estate Connect Conference in San Francisco. This industry leading conference attracts the real estate industry’s most influential leaders, decision makers, innovators and experts, and will be taking place August 1st – 3rd, 2012.
Bergeron will be participating in a session called “Updating the MLS”, on Thursday, August 2nd. The panel will be discussing what it is going to take to create the MLS of tomorrow, speaking candidly about the technological, legal and business issues that need to be addressed to update outdated practices and to remove some of the limitations facing MLS customers and vendors today.
Bergeron is well qualified to take part on such a panel. He is known throughout the world for his leadership in bringing technological advances to the multiple listing industry. In recognition of his leadership and innovation, he was named one of the nation’s 100 Most Influential Leaders in Real Estate for 2009, 2010 and 2011 by Inman News. Russ currently sits on advisory boards of Realtor.com, Trulia.com, Supra and CoreLogic/Realist®, and was recently appointed to the MLS Domains Association Board of Directors. He is a member of the Illinois Association of Realtors® Strategic Planning Committee and the Realtors® Property Resource User Advisory Council.
“This is a subject close to my heart and always on my mind,” said Bergeron. “I look forward to exchanging thoughts and ideas with my peers and the very best thinkers in the industry. Our mission is to ‘reinvent MLS,’ so I am very comfortable participating on such a panel and addressing what I feel are the most critical issues facing MLSs and real estate professionals in general.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents 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. For more information, visit: www.mredllc.com.
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