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MARCH 2012 MONTHLY MARKET REPORT

By
Services for Real Estate Pros

The ThingLet's talk about data. Navigating through a complex and fast-moving marketplace is tough work. Agents are being called upon to provide fact-based guidance in a timely fashion – and rightly so. MLS data is detailed, accurate and very much "now." It makes the magic of data-driven decision-making possible. So go ahead, channel the collective energy of your hard-earned status changes and let's see what the facts tell us about March 2012. Happy data-ing.

New Listings in Chicagoland were down 4.5 percent for detached homes and 16.6 percent for attached properties. Listings Under Contract increased 48.0 percent for detached homes and 59.4 percent for attached properties.

The Median Sales Price was down 3.6 percent to $159,000 for detached homes and 5.3 percent to $124,000 for attached properties. Months Supply of Inventory decreased 35.4 percent for detached units and 46.8 percent for attached units.

For better or worse – usually better – housing is closely tied to the broader economy. As much as we're in the valley of a residential real estate rebalancing act, it's important to keep tabs on economic changes. Recent improvements suggest that there may be a stirring of optimism in the center of this market. But not all submarkets will move together. "You can observe a lot just by watching." – Yogi Berra

Click HERE to see MRED’s Monthly Indicators Report for March 2012

[NOTE: Residential Detached and Attached single family activity only.]

Click HERE to see MRED’s Lender Mediated Report for March 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.]

Comments (2)

Team Honeycutt
Allen Tate - Concord, NC

It seems that Agents are now, more than ever, required to be more familar with  a lot of statistics in order to do our best for buyers and sellers. I don't remember a time before when we ever had to know and discuss Absorption Rates for our area.

Betty

 

Apr 17, 2012 06:29 AM
Anonymous
Jeff Lasky

Definitely must have demonstrable knowledge of your marketplace.  Could not agree more.

Apr 17, 2012 06:38 AM
#2