Barrington IL Real Estate 60010 Market Report July 2017
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? The Housing Stats For July 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 11 homes closed in July 2017 (Compared to June’s 24)
Sales 4 Bedroom Homes
- 45 homes closed in July 2017 (Compared to June’s 55)
Sales 5+ Bedroom Homes
- 8 homes closed in July 2017 (Compared to June’s 9)
Sales Condos and Townhomes
- 13 homes closed in July 2017 (Compared to June’s 20)
? Barrington IL Real Estate 60010 Market Report July 2017 – Summary
Quite a few less homes closed in July than in June this year. Most of these sales started in May, the start of summer so I am not surprised, it’s fairly typical to have a slow down. 31 sales less this month is a slow down of about 29%. A quick review of the market in area 60010 shows we have an absorption rate nearing 10 months. What that means is that at the current rate of sales it would take 10 months to sell every home for sale as of now. The average marketing time is climbing too. See below for that statistic under seller’s information.
?What Does This Mean For Home Buyers
- 205 new listings came to the Barrington real estate market in July 2017. That’s climbed a bit from the last few months, certainly no lack of homes to chose from, it may pressure those prices a little too.
- 28 of those are under contract. A little less than prior months.
- 2 have already closed. Again down from last month when we had 9.
- Buyers have 627 Barrington homes to choose from today.
- There’s plenty of inventory to choose from in all price ranges.
As of August 10th – US 30 Year Mortgage Rate is at an average of 4.04%, the rates are flip flopping around the 4% mark, not a steady climb which is so often warned about yet it never happens. The prime rates have climbed so your HELOC rate likely has climbed.
?What Does This Mean For Home Sellers
- With average marketing times of 156 days for single family homes, it’s not getting brighter, be warned of expecting fast sales like our neighbors, you may have to be more patient.
- Attached homes do better with 102 days average on market before sale but that’s already changing in August.
- Still price cuts happening and buyers are taking their time choosing.
- Not getting updates from your agent? Contact them now to review your situation. Or call us if you want more analytics.
Contact Corinne Guest, Barrington Realty Company at 847-363-3686 for assistance.