Barrington Hills home sales took quite the leap of faith in the real estate market in 2012. December saw only 2 closings but it was a stellar year with a total of 70 sales. Just compare that to the preceding 5 years and you’ll see what I mean. (3 sales were vacant lots).
There were also some pretty substantial sales numbers with the highest price sale being $7,500,000. We saw 6 sales above $2,000,000 giving the luxury home owners confidence that luxury home buyers are back in the market. This really is proof positive that the market is recovering.
What about market times in 2012, what are the inventory levels and how about the sales price ratios Corinne?
The average market time for homes in Barrington Hills was 267 days. Of course the higher priced homes always take longer than most to sell and with a market time for one property of 950 days it can skew that average just a tiny bit. If I look at the median sale price of $625,000 then the average market time was 180 days. That’s a pretty balanced market in my book. You’ll just need patience if you own a luxury estate in Barrington Hills and want to sell, your buyer pool is more limited.
List to sales price ratio averaged at 86% but again those big sales skew it so taking a look at the median sale that percentage increases to 90%. In 2013 it would be a positive sign to see that number move up a little towards 95%.
Lastly inventory. The one piece of data I can get is how many Barrington Hills properties are available for sale now. There are 82 homes and 9 of those are under contract. There is one other Pending closing.
Simply you can see we have the least amount of inventory in the last 3 years, right now. Of course the spring and summer months will see a natural rise but I dare say those will be eaten up by active buyers by years end.
Is it the right time to buy a luxury home in Barrington Hills, South Barrington or Inverness? Maybe so. When we see increased activity, declining inventory and declining market times, it’s the trigger for prices to increase. I don’t have a crystal ball but I wouldn’t be surprised to see another active year in Barrington Hills.