LISLE, Ill., Aug. 20, 2013 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS), announced today that, as in the past few months, the number of sold units remains high (11,970) and the inventory (56,083) and Months' Supply of Inventory (3.1) numbers are still relatively low based on July, 2013, Chicagoland PMSA statistics.
Some encouraging signs from 2013 are:
This is all good news especially with some of the fears of a potentially significant rise in interest rates that have been projected but have not materialized.
There are some other notable trends in the numbers. Regarding short sales:
Foreclosed or lender-owned properties (REOs) continue to sell more quickly than short sales or even traditional sales, coming in with an average market time of 82 days. Also,
"While the continued high number of sales and low inventory are driving the market, what we're seeing in the short sale and REO markets is also noteworthy," said MRED CEO Russ Bergeron. "Short sales continue to sit on the market getting stale, as an ever-smaller percentage of buyers seem to want to deal with that hassle. In the meantime, REOs are going like hotcakes, creating the potential for bidding wars."
"Good examples as to why not all lender-mediated properties are alike."
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 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. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country per the latest WAV Group MLS Technology Survey. For more information please visit MREDLLC.com.