Wednesday, May 28, 2008

MLS Now Tracks Short Sales

As of March 27th of this year, the MRED LLC, formerly the MLS of Northern Illinois, added a tag to allow REALTORS to identify closed transactions as short sales. The small (S) you see next to the sale price denotes it was a short sale. This is important information for REALTORS, Buyers and Sellers.
Recent sales will determine the future listing price of other homes in the area - as well as offers made on currently listed property. Short Sale properties are often sold at deep discounts - so having this data can help balance the value picture when comparing it to other homes.

According to MRED LLC data - 1184 Short Sales of single family attached & detached homes have occured since implementing this new tag on March 27th. While this number is not exact - it can offer a quick snapshot of one aspect of the market. REALTORS must add this tag when closing out a property in the MLS. Properties included would be those that are "Short Sale/Foreclosure/Court-Lender Approval Required,etc.". If the REALTOR doesn't add the short sale tag - the sale is not included in the data.

Here's a look at the numbers by county:

Short Sales/Foreclosures Since 3/27/08*

*includes Single family attached &detached sales

 as marked (S) voluntarily in the MLS by REALTORS

County# of Homes Sold

# of Sales Marked Short Sale/Foreclosure

% of Sales
Boone County6657.57 %
Bureau County300%
Cook County76535196.78%
DeKalb County13396.76%
DuPage County14281067.42%
Grundy County8045%
JoDavies County000%
Kane County73511615.78%
Kankakee County1501711.33%
Kendall County2302310%
Lake County1076938.64%
Lasalle County13764.37%
Lee County1100%
Livingston County8112.5%
Marshall County000%
McHenry County5006913.8%
Putnam County000%
Stephenson County6116.66%
Will County109812211.11%
Winnebago County20283.96%
Other Counties16842.38%
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