LISLE, ILL., April 18, 2013 (GLOBE NEWSWIRE) -- What does it mean? That is the question as the latest marketplace metrics were released by Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS). While it is generally understood that the real estate market has been very positive for months, certain numbers from March, 2013, are eyebrow-raising to say the least.
Three metrics stand out. The number of properties under contract during the month of March in the nine county area including Chicago reached a staggering number– 12,735. This is the highest it's been in over two years. This means that almost every property hitting the market is selling. Agents are definitely doing business.
Also, the Months' Supply of Inventory, based upon the current rate of listings going under contract, is down to a miniscule 2.8. That means at this rate we will be out of inventory in less than three months. This is the smallest MSI number since the height of the real estate market in the last decade.
Confirming the high activity, the number of sold properties (7,983) is up twenty percent (20%) when compared to March, 2012.
"The lack of inventory in the greater Chicagoland metro keeps putting upward pressure on prices and is motivating Sellers that have been on the fence to finally get in the game," said MRED CEO Russ Bergeron. "While certain communities may still be feeling cautious, I am confident this overall momentum will carry through the rest of 2013."
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.
CONTACT: Jeff Lasky MRED Director of Communications and Training 630-799-1470 jeff.lasky@MREDLLC.com
Source:MRED Midwest Real Estate Data LLC