March is the early start to our spring selling season but the closings won’t be counted until May. So what’s happening in the market to give us signs of a strong season? Buyer activity! That has started strongly with many buyers starting their search. I know this because the last 3 weeks of my March 2017 have been chaotic to say the least. I finally have a day where I can catch up on my internet marketing and house chores! Sometimes the demands of the job make everything else take a back seat and personal life can suffer.
The Housing Stats For March 2017 in Barrington IL
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Sales 3 Bedroom Homes
- March had 12 closings. 2016 there were 8.
Sales 4 Bedroom Homes
- March had 26 closings. 2016 there were 22.
Sales 5+ Bedroom Homes
- March had 6 closings. 2016 there were 11.
Sales Condos and Townhomes
- March had 7 closings. 2016 there were 13.
Summary of Stats
Less homes closed this year than last for the same month. That’s interesting because January and February were both up on the prior year. It’s only a 5% decline, so no reason to suggest a slow down yet. Let’s just keep an eye on activity. I think spring will even it out again.
Both 3 and 4 bedroom homes were the most popular and the sales volume there did increase.
What Does This Mean For Home Buyers
169 new listings came to the Barrington real estate market in March 2017, 31 of those are already under contract. Buyers have 544 Barrington homes to choose from today in prices across the spectrum of $149,000 to $14,888,000. This includes condos, townhomes, single family homes and our luxury properties in South Barrington and Barrington Hills. There’s plenty of equestrian choices and a few foreclosures.
As of April 7th 11.35am – US 30 Year Mortgage Rate is at 4.24%, the rates have risen slightly but over the last month it has been a little up and down. I don’t see minimal changes affecting the market. A 15 year mortgage rate is as low as 3.48% and these are becoming more common with savvy buyers. They are borrowing less and paying off debt sooner.
What Does This Mean For Home Sellers
Mortgage rates are still an incredible deal for buyers and while we have new listings hitting the market, sellers can expect a sale if they are not greedy on price. This is the same thing I tell you every month of the year. You are in a competition and to win: price it right, present it well and hope your location is the best. Buyers are in the marketplace now, looking and deciding. Some are making offers very quickly. The marketing average time appears to be dropping, it may go back up a little when we have more homes for buyers to choose from. Factor all of this into your plan and goals.
Mortgage approvals appear good. What remains in a once overcrowded space of lenders appears to be good, solid loan officers who do the job well and issue approvals, not qualifications. There’s no guarantee but I am seeing most come through. The job market is strong.
Spring Rains Are Here
Spring can be wet and this last week has certainly been that. But if you take a minute and look outside you’ll see the grass is growing and greening up, there are trees beginning to leaf, blossoms appearing, the Forsythia are the first to give us a shot of color! And Sunday, well 75f is in the forecast, time to start a little green fingered work in the yard! Happy spring. See you next month for April’s report.
Newest Listings in Barrington Area