Despite what has inarguably been a very difficult real estate market the last two years, real estate professionals continue to produce a large volume of closed transactions according to Midwest Real Estate Data (MRED). For the second straight year, Realtors closed over $19 billion in transactions through MRED.
“It is a tribute to real estate professionals that despite a down economy and a negative public perception of the current real estate market they continue to be effective and productive,” said Russ Bergeron, CEO of MRED. “We are pleased to be a large part of the continuing success story of today’s Realtor, who is working through the adversity and coming out the other side with better technology and greater information than ever before, all which benefits the consumer.”
2010 dollar volume was slightly above 2009, by 0.73%. The number of transactions decreased in the past year from 82,352 to 82,109 a drop of 3/10ths of a percent. The consistency of data over the past two years demonstrates that the real estate marketplace has stabilized. Current dollar volume and number of transactions remain significantly below 2008, and when compared to the highest of this decade, 2005, dollar volume in 2010 was 40% of what it was, and the number of transactions was approximately one-half.
“Obviously, real estate and the economy have a long way to go,” added Bergeron. “MRED’s focus is and continues to be on providing our brokers, agents and appraisers with the tools and technology they need to be their most productive, so they can spend all of their time servicing their customers in this still recovering real estate market.”