Barrington Hills real estate market trends for 2013 still shows a struggle for sellers especially when it comes to average market times. So why is that? There’s never a single reason that contributes to a trend. It’s fair to say that because Barrington Hills is home to some substantial sized homes and therefore high prices this will contribute to longer marketing times. Another factor will also be the age of some of the housing stock here. Buyers prefer new not old or updated not outdated.
The chart below shows sales each quarter for 2013 together with average marketing times. For a small village sales finished strong.
Barrington Hills Real Estate Market Trends by Year
With real estate rebounding and interest rates still low enough to make buyers enthusiastic about buying, our year by year trends give us a clue about barrington Hills home sales in 2014. Our quarterly report in October gave some hints about yearly sales and the direction Barrington Hills was headed. I predicted that sales were going to be off the high of 2012 with an expected total of 54 and I was spot on. That’s down 16 on 2012 sales of 70.
I expect 2014 to be similar to 2013. There are 77 homes currently available in Barrington Hills with prices from $189,000 to $14,900,000 and a median price of $1,497,000. Anything over 50 sales this year is strong for Barrington Hills.With 30 homes over $2,000,000 it’ll be interesting to see how many of these high priced homes sell this year. Cash seems to be available in this market with over 30% of sales being for cash.
A strong start would certainly help the average market times trend to continue downwards. Check back in April 2014 to get your update on the Barrington Hills real estate market, or let us know how we can help you buy or sell in this country suburban village. Corinne can be reached at 847-363-3686.