Page 1

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

May 2018 Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. New Listings in the Oak Park region decreased 3.7 percent to 283. Listings Under Contract were up 4.9 percent to 171. Inventory levels rose 8.4 percent to 479 units. Prices were a tad soft. The Median Sales Price decreased 9.6 percent to $290,175. Market Times were up 1.0 percent to 65 days. Buyers felt empowered as Months Supply of Inventory was up 11.9 percent to 4.2 months. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.

Quick Facts + 7.0%

- 9.6%

+ 8.4%

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 June 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 5-2015

5-2016

5-2017

5-2016

5-2017

(Contingent and Pending) 5-2016

5-2017

5-2016

5-2017

5-2016

5-2017

5-2016

5-2017

5-2016

5-2017

5-2016

5-2017

5-2016

5-2017

1,179

1,266

+ 7.4%

157

168

+ 7.0%

540

514

- 4.8%

163

171

+ 4.9%

704

685

- 2.7%

$321,000

$290,175

- 9.6%

$310,900

$309,500

- 0.5%

$374,219

$372,696

- 0.4%

$356,850

$360,455

+ 1.0%

$402,961

$492,476

+ 22.2%

$442,793

$476,628

+ 7.6%

96.4%

96.3%

- 0.1%

94.8%

95.3%

+ 0.5%

99

107

+ 8.1%

102

100

- 2.0%

64

65

+ 1.0%

87

80

- 8.2%

3.8

4.2

+ 11.9%

--

--

--

442

479

+ 8.4%

--

--

--

5-2018

Market Time 5-2015

- 3.7%

5-2018

Housing Affordability Index 5-2015

283

5-2018

Percent of Original List Price Received 5-2015

294

5-2018

Average List Price 5-2015

+/–

5-2018

Average Sales Price 5-2015

YTD 2017 YTD 2018

5-2018

Median Sales Price 5-2015

+/–

5-2018

Under Contract 5-2015

5-2018

5-2018

Closed Sales 5-2015

5-2017

5-2018

Months Supply of Homes for Sale 5-2015

5-2016

5-2017

5-2018

5-2015

5-2016

5-2017

5-2018

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.

May

Year To Date 1,266

294

283

1,179

1,160

232

2016

+26.7%

-3.7%

2017

2018

2016

Prior Year

Current Year

+/–

June

232

256

+10.3%

July

190

222

+16.8%

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

225

-0.9%

March

276

278

+0.7%

April

225

308

+36.9%

May

294

283

-3.7%

12-Month Avg

188

209

+11.1%

Month

+1.6%

+7.4%

2017

2018

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.

May

Year To Date 170

168

157

2016

540

523

-7.6%

+7.0%

2017

2018

2016

Prior Year

Current Year

+/–

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

65

-16.7%

February

63

59

-6.3%

March

94

103

+9.6%

April

148

119

-19.6%

May

157

168

+7.0%

12-Month Avg

120

114

-5.5%

Month

514

+3.3%

-4.8%

2017

2018

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.

May

Year To Date 169

171

163

2016

735

-3.6%

+4.9%

2017

2018

704

2016

Prior Year

Current Year

+/–

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

66

-4.3%

Month June

685

-4.2%

-2.7%

2017

2018

January

81

71

-12.3%

February

130

126

-3.1%

March

167

149

-10.8%

April

163

168

+3.1%

May

163

171

+4.9%

12-Month Avg

118

114

-3.2%

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.

May

Year To Date $310,900

$334,200

$309,500

$289,000

$321,000 $290,175

2016

-3.9%

-9.6%

2017

2018

Prior Year

Current Year

+/–

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

$379,250

+41.2%

February

$264,500

$235,000

-11.2%

March

$297,500

$279,500

-6.1%

April

$325,000

$340,000

+4.6%

May

$321,000

$290,175

-9.6%

12-Month Med

$312,250

$305,385

-2.2%

Month

+7.6%

-0.5%

2017

2018

2016

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.

May

Year To Date

$380,425

$374,219

$372,696 $345,460

2016

- 1.6%

- 0.4%

2017

2018

Prior Year

Current Year

+/–

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

$391,571

+19.6%

February

$290,206

$329,043

+13.4%

March

$375,100

$339,936

-9.4%

April

$370,689

$359,513

-3.0%

May

$374,219

$372,696

-0.4%

12-Month Avg

$363,180

$360,175

-0.8%

Month

$360,455

$356,850

+ 3.3%

+ 1.0%

2017

2018

2016

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.

May

Year To Date

$492,476 $423,698

2016

$476,628 $428,574

$402,961

- 4.9%

+ 22.2%

2017

2018

2016

Prior Year

Current Year

+/–

June

$442,568

$474,769

+7.3%

July

$440,433

$410,159

-6.9%

August

$409,305

$389,376

-4.9%

September

$467,315

$395,870

-15.3%

October

$372,834

$459,868

+23.3%

November

$353,971

$395,455

+11.7%

December

$321,713

$415,160

+29.0%

January

$445,230

$459,352

+3.2%

February

$500,756

$480,610

-4.0%

March

$461,230

$492,899

+6.9%

April

$412,139

$454,174

+10.2%

May

$402,961

$492,476

+22.2%

12-Month Avg

$431,671

$450,420

+4.3%

Month

$442,793

+ 3.3%

+ 7.6%

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

1-2017

1-2018

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.

May

Year To Date

95.7%

96.4%

96.3%

+0.8%

-0.1%

2017

2018

2016

93.6%

95.3%

94.8%

2016

+1.3%

+0.5%

2017

2018

Month

Prior Year

Current Year

+/–

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%

-0.1%

April

95.3%

95.0%

-0.3%

May

96.4%

96.3%

-0.1%

12-Month Avg

94.9%

95.6%

+0.8%

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.

May

Year To Date 102

99

94

2016

+5.3%

+8.1%

2017

2018

Current Year

+/–

86

95

+10.5%

July

97

104

+7.2%

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%

June

109

107

Prior Year

Month

2016

100

-6.4%

-2.0%

2017

2018

January

116

82

-29.3%

February

118

132

+11.9%

March

105

111

+5.7%

April

98

91

-7.1%

May

99

107

+8.1%

12-Month Avg

103

108

+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

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.

May

Year To Date 85 104 65

64

2016

87

-23.9%

+1.0%

2017

2018

2016

Prior Year

Current Year

+/–

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%

November

80

87

+9.1%

December

103

100

-2.5%

January

92

105

+14.4%

February

104

88

-15.5%

March

93

89

-4.4%

April

97

75

-22.9%

May

64

65

+1.0%

12-Month Avg

83

74

-10.9%

Month

80

-16.2%

-8.2%

2017

2018

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.

May

Prior Year

Current Year

+/–

June

4.3

3.9

-8.5%

July

4.2

3.9

-9.1%

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

+10.7%

January

2.6

2.9

+15.0%

February

2.9

3.2

+13.4%

March

3.4

3.7

+11.3%

April

3.4

4.2

+25.4%

May

3.8

4.2

+11.9%

12-Month Avg

3.5

3.6

+3.7%

Month

4.6

4.2 3.8

2016

-17.9%

+11.9%

2017

2018

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.

May

Prior Year

Current Year

+/–

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

302

+6.3%

January

305

336

+10.2%

February

342

370

+8.2%

March

399

421

+5.5%

April

396

476

+20.2%

May

442

479

+8.4%

12-Month Avg

414

415

+1.6%

Month

529 479

442

-16.4%

+8.4%

2017

2018

2016

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 – May 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:

6.0%

Closed Sales

5-2017

5-2018

+/–

150

158

+5.3%

REO

7

7

0.0%

Short Sales

0

3

--

157

168

+7.0%

5-2017

5-2018

+/–

Traditional

$324,050

$295,750

-8.7%

REO

$260,000

$200,000

-23.1%

$0

$78,000

--

$321,000

$290,175

-9.6%

Traditional

60%

50%

Total Market*

40%

30%

Median Sales Price

20%

10%

Short Sales

0% 1-2008

Total Market* 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 June 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…

May 2018

5-2017 Total

LenderMediated

Share

Forest Park

58

3

Oak Park

332

River Forest

89

+/–

5-2018

Total

LenderMediated

Share

5.2%

260

14

5.4%

$99,500

14

4.2%

884

44

5.0%

1

1.1%

220

9

4.1%

5-2017

5-2018

+/–

Traditional Properties

Lender-Mediated

5-2017

5-2018

+/–

Lender-Mediated

5-2017

5-2018

+/–

Traditional Properties

+14.1%

$219,900 $215,500

-2.0%

$109,612 $136,471

+24.5%

$225,784

$225,016

-0.3%

$172,500 $163,250

-5.4%

$360,000 $347,500

-3.5%

$198,570 $232,299

+17.0%

$381,018

$364,898

-4.2%

$322,000 $395,000

+22.7%

$519,000 $510,000

-1.7%

$326,573 $483,533

+48.1%

$548,914

$535,198

-2.5%

$113,500

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

May 2018 Market Stats  
May 2018 Market Stats