I’m a little late with my third quarter market reports, so I’ll dive in and get them all done. Both home buyers and home sellers will be interested in the sales information for Barrington in 2014 compared to 2013.
What’s been happening with Barrington Illinois real estate during the last months of summer? How does it stack up against summer of 2013? Take a look at our report for the Barrington IL real estate market.
The Barrington IL Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
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Barrington Illinois Market Report Activity For Third Quarter 2014 vs 2013
In the 3rd quarter of 2014 there were 103 homes closed in Barrington. This is an increase of 5 units, as there were 98 homes that closed in September of 2013.
- The average list price for single family homes closed in July/Aug/Sept. 2013 was $557,717.
- The average list price for single family homes closed in July/Aug/Sept. 2014 was $566,651.
- The average sale price for the homes that closed in July/Aug/Sept. 2013 was $515,752.
- The average sale price for the homes that closed in July/Aug/Sept. 2014 was $523,030.
- The average market time for the homes that closed in September of 2013 was 150 days.
- The average market time for the homes that closed in September of 2014 was 145 days.
Both asking and sale prices have risen a little and marketing times have tightened a fraction. 2013 was a bounce back year with the real estate market in Barrington IL responding well, this is keeping the market rolling.
Barrington IL Homes Under Contract
In total there are 39 homes currently under contract. The average list price is $556,762 and the average days on market is 239. The most popular homes selling in Barrington IL are 4 bedroom.
Annual Home Sales in Barrington IL 2009 to 2013
Let’s look at sales over the last five years. This chart shows how sales have climbed. We are not done yet for 2014 but will be ending close to 2013.
Current Barrington IL Home Inventory
The are currently 289 single family homes on the market in Barrington IL. The average list price of these homes is $1,108,733. The average days on the market is 270. It’s important to remember some of the higher priced homes compete for a limited buyer pool, this contributes to the longer average marketing times for all homes in Barrington.
Our Barrington IL Real Estate Market Analysis
Barrington home sales rebounded well in 2012 and 2013 and although look to remain strong as we head towards the end of 2014, I doubt will exceed the numbers in 2013. I do expect them to exceed the 300 mark, perhaps 315 is a likely number which only means a 5% reduction in number of sales. If our market remains steady next year, prices will continue to rise, albeit in small bite sized values.
The same will not be true for the homes above $2 million. Although sales at this level have risen, there’s still a hefty inventory of homes above $2 million in the zip code 60010. With 44 homes currently available and only 6 sales to date this year, it means luxury home sellers are going to have to ride the market for a while. It’s not part of the market that will suddenly get moving. The average market time for the top prices is currently 637 days.
The best maintained and presented homes can sell quickly. However the market is still seeing a lot of price cutting to achieve a sale. Sellers should forget the idea that prices are climbing here. As you can see from this data, the average sale price did rise by 1.4%. If prices had to be cut to achieve it, then the homes are still being listed too high.