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Monthly Indicators A RESEARCH TOOL PROVIDED BY MIDWEST REAL ESTATE DATA LLC FOR MEMBERS OF THE OAK PARK AREA ASSOCIATION OF REALTORSÂŽ RESIDENTIAL REAL ESTATE ACTIVITY ONLY

March 2017 We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and everincreasing home prices. Nevertheless, sales have held their own in year-overyear comparisons and should improve during the busiest months of the real estate sales cycle. New Listings in the Oak Park region decreased 3.2 percent to 275. Listings Under Contract were down 4.0 percent to 170. Inventory levels fell 19.5 percent to 383 units. Prices continued to gain traction. The Median Sales Price increased 14.4 percent to $297,500. Market Times were down 31.9 percent to 93 days. Sellers were encouraged as Months Supply of Inventory was down 25.1 percent to 3.2 months. The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn't much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.

Quick Facts + 3.3%

+ 14.4%

- 19.5%

Change in Closed Sales

Change in Median Sales Price

Change in Inventory

Market Overview New Listings Closed Sales Under Contract Median Sales Price Average Sales Price Average List Price Percent of Original List Price Received Housing Affordability Index Market Time Months Supply of Inventory Inventory of Homes for Sale

2 3 4 5 6 7 8 9 10 11 12 13

Data current as of April 14, 2017. All data from Midwest Real Estate Data. Powered by ShowingTime 10K.


Market Overview Key market metrics for the current month and year-to-date figures.

Key Metrics

Historical Sparklines

New Listings 3-2014

3-2015

3-2016

3-2015

3-2016

(Contingent and Pending) 3-2015

3-2016

3-2015

3-2016

3-2015

3-2016

3-2015

3-2016

3-2015

3-2016

3-2015

3-2016

3-2015

3-2016

634

658

+ 3.8%

91

94

+ 3.3%

222

234

+ 5.4%

177

170

- 4.0%

393

383

- 2.5%

$260,000

$297,500

+ 14.4%

$266,000

$274,000

+ 3.0%

$313,723

$375,100

+ 19.6%

$332,289

$336,035

+ 1.1%

$431,597

$469,175

+ 8.7%

$437,433

$476,348

+ 8.9%

92.4%

95.2%

+ 3.0%

91.5%

93.4%

+ 2.2%

118

99

- 16.1%

116

107

- 7.8%

137

93

- 31.9%

126

96

- 23.9%

4.3

3.2

- 25.1%

--

--

--

476

383

- 19.5%

--

--

--

3-2017

Market Time 3-2014

- 3.2%

3-2017

Housing Affordability Index 3-2014

275

3-2017

Percent of Original List Price Received 3-2014

284

3-2017

Average List Price 3-2014

+/–

3-2017

Average Sales Price 3-2014

YTD 2016 YTD 2017

3-2017

Median Sales Price 3-2014

+/–

3-2017

Under Contract 3-2014

3-2017

3-2017

Closed Sales 3-2014

3-2016

3-2017

Months Supply of Homes for Sale 3-2014

3-2015

3-2016

3-2017

3-2014

3-2015

3-2016

3-2017

Inventory of Homes for Sale

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 2


New Listings A count of the properties that have been newly listed on the market in a given month.

March

Year To Date 284

275

634

237

658

-3.2%

2016

2017

2015

2015

Current Year

+/–

267

294

+10.1%

May

237

232

-2.1%

June

246

232

-5.7%

July

201

189

-6.0%

August

203

205

+1.0%

September

208

194

-6.7%

October

167

126

-24.6%

November

99

76

-23.2%

December

74

57

-23.0%

January

141

157

+11.3%

February

209

226

+8.1%

March

284

275

-3.2%

12-Month Avg

195

189

-3.1%

April

552

+19.8%

Prior Year

Month

+14.9%

+3.8%

2016

2017

Historical New Listing Activity 350

300

250

200

150

100

50 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 3


Closed Sales A count of the actual sales that have closed in a given month.

March

Year To Date 94

91

234 222

79 170

+15.2%

+3.3%

2016

2017

2015

2015

Prior Year

Current Year

+/–

April

102

131

+28.4%

May

127

170

+33.9%

June

177

206

+16.4%

July

150

165

+10.0%

August

138

140

+1.4%

September

87

131

+50.6%

October

108

94

-13.0%

November

74

86

+16.2%

December

95

80

-15.8%

January

64

77

+20.3%

February

67

63

-6.0%

March

91

94

+3.3%

12-Month Avg

107

120

+12.2%

Month

+30.6%

+5.4%

2016

2017

Historical Closed Sales Activity 220 200 180 160 140 120 100 80 60 40 20 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 4


Under Contract A count of the properties in either a contingent or pending status in a given month.

March

Year To Date 177

393

170

145

-4.0%

2016

2017

2015

2015

Current Year

+/–

134

174

+29.9%

May

157

169

+7.6%

June

130

170

+30.8%

July

110

97

-11.8%

August

107

119

+11.2%

September

85

99

+16.5%

October

91

88

-3.3%

November

74

69

-6.8%

December

57

69

+21.1%

January

88

82

-6.8%

April 383

321

+22.1%

Prior Year

Month

+22.4%

-2.5%

2016

2017

February

128

131

+2.3%

March

177

170

-4.0%

12-Month Avg

112

120

+7.4%

Historical Under Contract Activity 200 180 160 140 120 100 80 60 40 20 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 5


Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.

March

Year To Date $266,950

$297,500

$291,000

$266,000

$274,000

$260,000

2015

-10.7%

+14.4%

2016

2017

2015

Prior Year

Current Year

+/–

April

$353,500

$283,500

-19.8%

May

$287,500

$334,200

+16.2%

June

$315,000

$364,450

+15.7%

July

$274,450

$325,000

+18.4%

August

$254,450

$296,000

+16.3%

September

$240,000

$289,900

+20.8%

October

$267,188

$261,625

-2.1%

November

$281,750

$323,000

+14.6%

December

$275,000

$344,250

+25.2%

January

$343,500

$262,000

-23.7%

February

$240,000

$264,500

+10.2%

March

$260,000

$297,500

+14.4%

12-Month Med

$275,000

$310,000

+12.7%

Month

-0.4%

+3.0%

2016

2017

Historical Median Sales Price $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 6


Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.

March

Year To Date $375,100

$325,836

2015

$332,289

$313,723

$336,035

$304,125

- 3.7%

+ 19.6%

2016

2017

2015

Prior Year

Current Year

+/–

April

$352,177

$322,407

-8.5%

May

$360,497

$380,425

+5.5%

June

$376,101

$395,780

+5.2%

July

$317,947

$376,082

+18.3%

August

$319,583

$350,813

+9.8%

September

$286,869

$366,191

+27.7%

October

$318,270

$312,051

-2.0%

November

$343,900

$356,854

+3.8%

December

$326,666

$378,952

+16.0%

January

$393,861

$325,874

-17.3%

February

$298,690

$290,166

-2.9%

March

$313,723

$375,100

+19.6%

12-Month Avg

$335,664

$359,462

+7.1%

Month

+ 9.3%

+ 1.1%

2016

2017

Historical Average Sales Price $525,000 $475,000 $425,000 $375,000 $325,000 $275,000 $225,000 $175,000 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 7


Average List Price Average list price for all new listings in a given month.

March

Year To Date $469,175

$459,099 $431,597

$476,348 $421,944

2015

- 6.0%

+ 8.7%

2016

2017

2015

Prior Year

Current Year

+/–

April

$398,732

$413,297

+3.7%

May

$389,313

$423,720

+8.8%

June

$374,082

$442,568

+18.3%

July

$381,353

$440,433

+15.5%

August

$376,550

$410,037

+8.9%

September

$429,407

$470,022

+9.5%

October

$383,350

$374,649

-2.3%

November

$357,114

$354,236

-0.8%

December

$348,471

$322,450

-7.5%

January

$411,300

$447,466

+8.8%

February

$462,869

$505,011

+9.1%

March

$431,597

$469,175

+8.7%

12-Month Avg

$400,526

$436,093

+8.9%

Month

$437,433

+ 3.7%

+ 8.9%

2016

2017

Historical Average List Price $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 8


Percent of Original List Price Received Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

March 92.3%

Year To Date 95.2%

92.4%

+0.1%

+3.0%

2016

2017

2015

90.8%

2015

91.5%

93.4%

+0.7%

+2.2%

2016

2017

Month

Prior Year

Current Year

+/–

April

94.5%

94.6%

+0.1%

May

93.8%

95.7%

+2.0%

June

93.6%

95.5%

+2.0%

July

94.7%

97.6%

+3.1%

August

93.2%

93.2%

+0.0%

September

90.7%

94.4%

+4.0%

October

92.9%

93.8%

+1.0%

November

92.4%

94.5%

+2.3%

December

93.7%

93.3%

-0.4%

January

91.9%

91.0%

-1.0%

February

89.8%

93.8%

+4.4%

March

92.4%

95.2%

+3.0%

12-Month Avg

93.1%

94.7%

+1.8%

Historical Percent of Original List Price Received 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% 78% 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 9


Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

March

Year To Date 118

114

105

116 107

99

+12.4%

-16.1%

2016

2017

2015

2015

Prior Year

Current Year

+/–

April

87

109

+25.3%

Month

+1.8%

-7.8%

2016

2017

May

107

92

-14.0%

June

96

86

-10.4%

July

109

96

-11.9%

August

118

106

-10.2%

September

127

108

-15.0%

October

114

121

+6.1%

November

107

93

-13.1%

December

110

85

-22.7%

January

88

112

+27.3%

February

129

111

-14.0%

March

118

99

-16.1%

12-Month Avg

109

102

-5.7%

Historical Housing Affordability Index 220 200 180 160 140 120 100 80 60 40 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 10


Market Time Average number of days between when a property is listed and when an offer is accepted in a given month.

March

Year To Date 126

137 105

114

96 93

+20.7%

-31.9%

2016

2017

2015

2015

Prior Year

Current Year

+/–

April

90

90

+0.9%

May

100

85

-15.4%

June

79

76

-3.1%

July

74

75

+1.2%

August

70

88

+26.1%

September

97

87

-9.7%

October

90

67

-25.9%

November

101

80

-21.3%

December

97

103

+6.0%

January

108

93

-13.7%

February

129

104

-19.4%

March

137

93

-31.9%

12-Month Avg

93

85

-9.0%

Month

+19.7%

-23.9%

2016

2017

Historical Market Times 250 230 210 190 170 150 130 110 90 70 50 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 11


Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

March

Prior Year

Current Year

+/–

April

5.4

4.6

-14.2%

May

5.3

4.5

-15.4%

June

5.7

4.2

-25.9%

July

5.5

4.2

-24.6%

August

5.5

4.1

-26.1%

September

5.6

4.0

-28.6%

October

5.4

3.6

-32.9%

November

4.7

3.0

-36.0%

December

3.9

2.3

-40.8%

January

3.8

2.5

-34.9%

February

4.0

2.7

-31.1%

March

4.3

3.2

-25.1%

12-Month Avg

4.9

3.6

-27.3%

Month

4.6 4.3

3.2

2015

-8.1%

-25.1%

2016

2017

Historical Months Supply of Inventory 19 17 15 13 11 9 7 5 3 1 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 12


Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.

March

Prior Year

Current Year

+/–

April

534

529

-0.9%

May

540

524

-3.0%

June

576

502

-12.8%

July

567

493

-13.1%

Month

476

466

383

2015

+2.1%

-19.5%

2016

2017

August

573

483

-15.7%

September

584

482

-17.5%

October

562

435

-22.6%

November

487

356

-26.9%

December

408

276

-32.4%

January

402

295

-26.6%

February

433

330

-23.8%

March

476

383

-19.5%

12-Month Avg

512

424

-17.9%

Historical Inventory of Homes for Sale 1,200 1,100 1,000 900 800 700 600 500 400 300 200 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

All data from Midwest Real Estate Data LLC. Powered by ShowingTime 10K. | 13


Lender-Mediated Report – March 2017 A RESEARCH TOOL PROVIDED BY MIDWEST REAL ESTATE DATA LLC FOR MEMBERS OF THE OAK PARK AREA ASSOCIATION OF REALTORS® Lender-mediated properties are those marked in MRED as "Foreclosed," "REO," "Pre-Foreclosure" or "Short Sale." Residential activity only.

Share of Closed Sales that were Lender-Mediated: 3.2%

Closed Sales

60%

50%

40%

30%

3-2017

+/–

Traditional

78

91

+16.7%

REO

12

2

-83.3%

Short Sales

1

1

0.0%

Total Market*

91

94

+3.3%

3-2016

3-2017

+/–

Traditional

$266,000

$305,000

+14.7%

REO

$140,000

$194,438

+38.9%

Short Sales

$75,000

$109,500

+46.0%

Total Market*

$260,000

$297,500

+14.4%

Median Sales Price

20%

10%

0% 1-2008

3-2016

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

*Total Market is not a sum of traditional, REO and short sale activity, as some lender-mediated homes can be listed both as REO and short sale.

Median Sales Prices

Traditional

Lender-Mediated

$475,000 $425,000 $375,000 $325,000 $275,000 $225,000 $175,000 $125,000 $75,000 $25,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

Data current as of April 14, 2017. All data from Midwest Real Estate Data. Powered by ShowingTime 10K.


Lender-Mediated Report – Activity by Area A RESEARCH TOOL PROVIDED BY MIDWEST REAL ESTATE DATA LLC FOR MEMBERS OF THE OAK PARK AREA ASSOCIATION OF REALTORS® Lender-mediated properties are those marked in MRED as "Foreclosed," "REO," "Pre-Foreclosure" or "Short Sale." Residential activity only. | Total represents all traditional and lendermediated activity. Share represents the market share of lender-mediated activity for each area. | Inventory counts are based on one month of activity for the current month. Closed Sales, Median Sales Price and Average Sales Price figures are based on a rolling 12-month timeframe through the month indicated.

Homes for Sale

Closed Sales

Median Sales Price

Average Sales Price

Current Month

Last 12 Months

For the 12 Months Ending…

For the 12 Months Ending…

March 2017

3-2016 Total

LenderMediated

Share

Forest Park

56

3

Oak Park

233

River Forest

94

3-2017

+/–

3-2016

3-2017

+/–

3-2016

3-2017

+/–

3-2016

3-2017

+/–

Total

LenderMediated

Share

5.4%

267

38

14.2%

$75,000

$96,250

+28.3%

$204,000 $209,000

+2.5%

$99,356

$106,495

+7.2%

$207,792

$223,019

+7.3%

14

6.0%

957

79

8.3%

$125,500 $196,900

+56.9%

$345,000 $358,500

+3.9%

$152,578 $221,820

+45.4%

$372,269

$380,812

+2.3%

4

4.3%

213

17

8.0%

$162,750 $265,000

+62.8%

$480,000 $490,000

+2.1%

$297,713 $268,109

-9.9%

$514,681

$535,687

+4.1%

Lender-Mediated

Traditional Properties

Lender-Mediated

Traditional Properties

All data provided by Midwest Real Estate Data LLC. Powered by ShowingTime 10K.

March 2017 Market Stats  
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