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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 2018 New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future. New Listings in the Oak Park region increased 0.4 percent to 277. Listings Under Contract were down 9.6 percent to 151. Inventory levels rose 3.8 percent to 414 units. Prices were a tad soft. The Median Sales Price decreased 5.1 percent to $282,250. Market Times were down 3.5 percent to 90 days. Buyers felt empowered as Months Supply of Inventory was up 9.1 percent to 3.7 months. The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.

Quick Facts + 8.5%

- 5.1%

+ 3.8%

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, 2018. All data from Midwest Real Estate Data. Report Š 2018 ShowingTime.


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

Key Metrics

Historical Sparklines

New Listings 3-2015

3-2016

3-2017

3-2016

3-2017

(Contingent and Pending) 3-2016

3-2017

3-2016

3-2017

3-2016

3-2017

3-2016

3-2017

3-2016

3-2017

3-2016

3-2017

3-2016

3-2017

660

672

+ 1.8%

94

102

+ 8.5%

235

227

- 3.4%

167

151

- 9.6%

378

349

- 7.7%

$297,500

$282,250

- 5.1%

$275,000

$296,000

+ 7.6%

$375,100

$342,161

- 8.8%

$336,531

$351,890

+ 4.6%

$461,593

$500,171

+ 8.4%

$471,225

$485,017

+ 2.9%

95.2%

95.0%

- 0.2%

93.5%

94.7%

+ 1.4%

105

110

+ 4.8%

113

105

- 7.1%

93

90

- 3.5%

96

93

- 2.4%

3.4

3.7

+ 9.1%

--

--

--

399

414

+ 3.8%

--

--

--

3-2018

Market Time 3-2015

+ 0.4%

3-2018

Housing Affordability Index 3-2015

277

3-2018

Percent of Original List Price Received 3-2015

276

3-2018

Average List Price 3-2015

+/–

3-2018

Average Sales Price 3-2015

YTD 2017 YTD 2018

3-2018

Median Sales Price 3-2015

+/–

3-2018

Under Contract 3-2015

3-2018

3-2018

Closed Sales 3-2015

3-2017

3-2018

Months Supply of Homes for Sale 3-2015

3-2016

3-2017

3-2018

3-2015

3-2016

3-2017

3-2018

Inventory of Homes for Sale

All data from Midwest Real Estate Data LLC. Report © 2018 ShowingTime. | 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

277

276

2016

+0.4%

2017

2018

672

660

634

-2.8%

Prior Year

Current Year

+/–

April

294

225

-23.5%

May

232

294

+26.7%

June

232

256

+10.3%

July

190

222

+16.8%

Month

+4.1%

+1.8%

2017

2018

2016

August

205

194

-5.4%

September

195

213

+9.2%

October

126

174

+38.1%

November

76

109

+43.4%

December

57

76

+33.3%

January

157

172

+9.6%

February

227

223

-1.8%

March

276

277

+0.4%

12-Month Avg

189

203

+7.4%

Historical New Listing Activity 400 350 300 250 200 150 100 50 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 3


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

March

Year To Date 235

222

102

2016

+3.3%

+8.5%

2017

2018

Current Year

+/–

131

148

+13.0%

May

170

157

-7.6%

June

206

199

-3.4%

July

165

138

-16.4%

August

140

158

+12.9%

September

131

107

-18.3%

October

94

91

-3.2%

November

86

85

-1.2%

December

80

72

-10.0%

January

78

66

-15.4%

February

63

59

-6.3%

March

94

102

+8.5%

12-Month Avg

120

115

-4.0%

April

227

94

91

Prior Year

Month

+5.9%

-3.4%

2017

2018

2016

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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

167

378 349

151

2016

-5.6%

-9.6%

2017

2018

Prior Year

Current Year

+/–

April

173

163

-5.8%

May

169

163

-3.6%

June

170

147

-13.5%

July

96

119

+24.0%

August

120

114

-5.0%

September

97

79

-18.6%

October

88

89

+1.1%

November

67

67

0.0%

December

69

67

-2.9%

January

81

74

-8.6%

Month

2016

-3.8%

-7.7%

2017

2018

February

130

124

-4.6%

March

167

151

-9.6%

12-Month Avg

119

113

-4.9%

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 5


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

March

Year To Date $297,500

$296,000

$282,250

$266,000

$260,000

2016

+14.4%

-5.1%

2017

2018

2016

Prior Year

Current Year

+/–

April

$283,500

$325,000

+14.6%

May

$334,200

$321,000

-3.9%

June

$364,450

$335,000

-8.1%

July

$325,000

$307,000

-5.5%

August

$296,000

$333,500

+12.7%

September

$289,900

$310,000

+6.9%

October

$261,625

$255,000

-2.5%

November

$323,000

$260,000

-19.5%

December

$344,250

$244,590

-28.9%

January

$268,500

$379,125

+41.2%

February

$264,500

$235,000

-11.2%

March

$297,500

$282,250

-5.1%

12-Month Med

$310,000

$309,000

-0.3%

Month

$275,000

+3.4%

+7.6%

2017

2018

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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 $342,161

$332,289

$313,723

2016

+ 19.6%

- 8.8%

2017

2018

2016

Prior Year

Current Year

+/–

April

$322,407

$370,689

+15.0%

May

$380,425

$374,219

-1.6%

June

$395,719

$373,841

-5.5%

July

$376,082

$359,817

-4.3%

August

$350,813

$391,152

+11.5%

September

$366,275

$363,218

-0.8%

October

$312,051

$346,839

+11.1%

November

$356,854

$311,446

-12.7%

December

$378,952

$322,967

-14.8%

January

$327,466

$387,351

+18.3%

February

$290,206

$329,043

+13.4%

March

$375,100

$342,161

-8.8%

12-Month Avg

$359,526

$361,431

+0.5%

Month

$336,531

$351,890

+ 1.3%

+ 4.6%

2017

2018

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 7


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

March

Year To Date

$500,171 $431,632

2016

$471,225

$461,593

$485,017

$437,449

+ 6.9%

+ 8.4%

2017

2018

2016

Prior Year

Current Year

+/–

April

$413,297

$412,139

-0.3%

May

$423,698

$403,005

-4.9%

June

$442,568

$474,867

+7.3%

July

$440,433

$410,385

-6.8%

August

$409,305

$389,118

-4.9%

September

$467,315

$395,898

-15.3%

October

$372,834

$460,671

+23.6%

November

$353,971

$396,638

+12.1%

December

$321,713

$415,320

+29.1%

January

$445,230

$460,116

+3.3%

February

$500,756

$485,466

-3.1%

March

$461,593

$500,171

+8.4%

12-Month Avg

$434,190

$437,193

+0.7%

1-2017

1-2018

Month

+ 7.7%

+ 2.9%

2017

2018

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

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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 92.4%

Year To Date 95.2%

95.0%

+3.0%

-0.2%

2017

2018

2016

91.5%

94.7%

93.5%

+2.2%

+1.4%

2017

2018

2016

Month

Prior Year

Current Year

+/–

April

94.6%

95.3%

+0.7%

May

95.7%

96.4%

+0.8%

June

95.5%

96.7%

+1.2%

July

97.6%

96.7%

-1.0%

August

93.2%

95.5%

+2.5%

September

94.4%

95.5%

+1.2%

October

93.8%

94.8%

+1.0%

November

94.5%

95.3%

+0.8%

December

93.3%

94.5%

+1.2%

January

91.1%

93.7%

+2.9%

February

93.8%

95.3%

+1.6%

March

95.2%

95.0%

-0.2%

12-Month Avg

94.7%

95.6%

+0.9%

Historical Percent of Original List Price Received 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% 78% 76% 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

1-2018

All data from Midwest Real Estate Data LLC. Report © 2018 ShowingTime. | 9


Housing Affordability Index This index measures housing affordability for the region. For example, 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 116

119

-11.8%

+4.8%

2017

2018

2016

113

110

105

Prior Year

Current Year

+/–

April

110

98

-10.9%

May

94

99

+5.3%

June

86

95

+10.5%

July

97

104

+7.2%

Month

2016

105

-2.6%

-7.1%

2017

2018

August

106

95

-10.4%

September

110

103

-6.4%

October

122

125

+2.5%

November

95

121

+27.4%

December

87

129

+48.3%

January

116

82

-29.3%

February

118

132

+11.9%

March

105

110

+4.8%

12-Month Avg

104

108

+5.1%

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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

96 93

2016

93

90

-31.9%

-3.5%

2017

2018

Prior Year

Current Year

+/–

April

90

97

+7.2%

May

85

64

-23.9%

June

76

60

-21.6%

July

75

60

-20.0%

August

88

71

-19.7%

September

87

78

-10.3%

October

67

65

-3.4%

Month

-24.2%

-2.4%

2017

2018

2016

November

80

87

+9.1%

December

103

100

-2.5%

January

92

104

+12.8%

February

104

88

-15.5%

March

93

90

-3.5%

12-Month Avg

85

77

-9.7%

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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

4.7

3.4

-28.0%

May

4.6

3.8

-17.9%

June

4.3

3.9

-8.5%

July

4.2

3.9

-9.1%

Month

4.3 3.7

3.4

2016

-22.2%

+9.1%

2017

2018

August

4.1

3.7

-11.2%

September

4.1

4.0

-2.9%

October

3.7

3.8

+2.5%

November

3.1

3.2

+3.2%

December

2.4

2.6

+10.3%

January

2.6

2.9

+13.3%

February

2.9

3.2

+12.0%

March

3.4

3.7

+9.1%

12-Month Avg

3.7

3.5

-4.6%

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 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

+/–

534

396

-25.8%

May

529

442

-16.4%

June

507

451

-11.0%

July

500

454

-9.2%

August

489

428

-12.5%

September

491

460

-6.3%

October

443

439

-0.9%

November

366

367

+0.3%

December

284

301

+6.0%

January

305

332

+8.9%

Month April

480 414

399

-16.9%

+3.8%

2017

2018

2016

February

342

366

+7.0%

March

399

414

+3.8%

12-Month Avg

432

404

-4.7%

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

1-2018

All data from Midwest Real Estate Data LLC. Report Š 2018 ShowingTime. | 13


Lender-Mediated Report – March 2018 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: 5.9%

Closed Sales

60%

50%

40%

30%

3-2017

3-2018

+/–

Traditional

91

96

+5.5%

REO

2

4

+100.0%

Short Sales

1

2

+100.0%

Total Market*

94

102

+8.5%

3-2017

3-2018

+/–

Traditional

$305,000

$285,500

-6.4%

REO

$194,438

$263,550

+35.5%

Short Sales

$109,500

$94,500

-13.7%

Total Market*

$297,500

$282,250

-5.1%

Median Sales Price

20%

10%

0% 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

1-2018

*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

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

1-2018

Data current as of April 14, 2018. 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 2018

3-2017 Total

LenderMediated

Share

Forest Park

45

4

Oak Park

295

River Forest

74

+/–

3-2018

3-2017

3-2018

+/–

3-2017

3-2018

+/–

3-2017

3-2018

+/–

Total

LenderMediated

Share

8.9%

275

15

5.5%

$97,500

$98,000

+0.5%

$209,500 $229,000

+9.3%

$106,764 $135,098

+26.5%

$223,478

$229,787

+2.8%

19

6.4%

893

43

4.8%

$196,900 $137,000

-30.4%

$358,500 $349,450

-2.5%

$221,820 $192,937

-13.0%

$380,814

$367,784

-3.4%

1

1.4%

214

11

5.1%

$265,000 $471,594

+78.0%

$490,000 $535,000

+9.2%

$268,109 $496,581

+85.2%

$535,252

$548,532

+2.5%

Traditional Properties

Lender-Mediated

Lender-Mediated

Traditional Properties

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

March 2018 Market Stats  
March 2018 Market Stats