Barrington IL Real Estate Market Report May 2017 – Continuing a very active month in April, May has seen an even greater surge of activity. Take a look at the stats and compare to April’s in brackets.
The Housing Stats For May 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 18 homes closed in May 2017 (April 15)
Sales 4 Bedroom Homes
- 24 homes closed in May 2017 (April 27)
Sales 5+ Bedroom Homes
- 19 homes closed in May 2017 (April 11)
Sales Condos and Townhomes
- 18 homes closed in May 2017 (April 9)
Barrington IL Real Estate Market Report May 2017 – Summary of Stats
Aprils closings were up from 51 in March to 62 in April. May rose again to 79. We always see the greatest activity in Barrington during the spring and summer months so I expect this trend to continue for a while.
What Does This Mean For Home Buyers
- 167 new listings came to the Barrington real estate market in May 2017. This is close to what we had in March and April.
- 34 of those are already under contract.
- 2 have already closed.
- Buyers have 590 Barrington homes to choose from today in prices from $128,500 to $14,888,000. This includes condos, townhomes, single family homes and our luxury properties in Inverness, South Barrington and Barrington Hills. There’s plenty of equestrian choices and a few foreclosures.
As of June 5th – US 30 Year Mortgage Rate is at an average of 4.02%, the rates have fallen again. We have seen a downward trend in mortgage rates now for the last few months and some rates are quoting back in the 3.72% range and lower for 15 year mortgages.
What Does This Mean For Home Sellers
The market is buoyant but it’s not a seller’s market here in Barrington. Many houses are selling quickly, many are not. There’s a reason for that, take advice from your real estate agent if you have been sitting for 4 or more months. Our average marketing time is 145 days for the 87 homes that sold last month. If we reduce the prices to those sold under $1 million, that number changes to 137 days.Refine even more to our median range of $400,000 to $600,000 it falls to 97 days.
Find out the average for your price range, and adjust presentation, pricing, condition as needed to get your home sold.