A recent webinar in California suggested that “pocket listings,” i.e. listings represented by an agent that are on the market but not on the MLS, are a growing concern.
Off-MLS listings are more common in a tight-inventory market, as we’re currently experiencing in Chicago. In Silicon Valley off-MLS listings are approaching 20% of the market, according to data presented in the webinar.
One presenter suggested that properties listed on the MLS typically sell at higher prices than off-MLS listings, raising questions as to whether agents are breaching their duties to sellers by limiting exposure of the properties to a broader market. The “circulated by the few for a few” listings also raise fair housing questions.
Are off-MLS listings currently common in Chicago?
- Metro Chicago home prices, sales volume up and days-on-market down
- YoChicago “honored” as top Chicago real estate website
- Increased competition for distressed properties in downtown Chicago
- Accurate Chicago neighborhood maps and boundaries
- Distressed sales decline sharply in major cities, modestly in Chicago