Midwest Real Estate Data (MRED), the Chicagoland multiple listing service (MLS), has analyzed a series of metrics and confirmed the Illinois real estate marketplace in May was one of the best in some time.
According to data from MRED and other MLSs around the state, and compiled by the Illinois Association of Realtors®, year-over-year median prices rose for the first time in forty-nine months in the Chicagoland area. For the first time in twenty-two months, median prices rose for the state of Illinois as a whole. Sales numbers across the state could be described as robust.
Focusing on its own vast database, MRED uncovered some other promising numbers. May 2012 closed transactions were up almost twenty-five percent (25%) over May 2011. Traditional transactions (versus foreclosure/REOs and short sales) are a growing segment of the overall market, up from forty-seven percent (47%) of all transactions in February 2012, to over sixty-three percent (63%) at the end of May.
All transaction types are showing a month-over-month increase in average sold price. In fact, MRED reports three consecutive months of overall average sale price increases, with a jump of over twenty-six percent (26%) since February 2012. The average market time has been declining since April 2012 throughout all the different transaction type segments.
MRED metrics are a great indicator of the overall health of the real estate marketplace. The MRED database contains approximately ninety percent (90%) of the Realtor® transactions in Illinois, housed in its connectMLS™ system, which is accessed by about eighty-five percent (85%) of the Realtors® in Illinois.
“From my perspective as a Realtor®, I am as pleased as could be at all of the positive news and indications that we’re finally moving in the right direction in our respective real estate marketplaces,” said Rob Schaid, MRED President and Broker/Owner of RE/MAX Plaza. “I’m glad that MRED is keeping close tabs on what is happening and can confirm or otherwise address the numbers. Let’s make sure the good news is legitimate.”
“Even though this represents only one month’s results, we still remain cautiously optimistic that we are seeing a true turnaround in the real estate marketplace,” said MRED CEO Russ Bergeron. “No one is suggesting we are returning to the halcyon days of most of the last decade. That was the anomaly. What we are seeing now is a return to the ’new normal’ real estate market. Indications are that we are well on our way.”