Intro: As winter is the slowest part of our market I decided to do one report for the first two months of our year. Many of the closings for January and February will be from contracts agreed in the late part of 2016, so it’s not reflective of any new activity although some closings in late February may be early year contracts. Generally we have seen good sales activity during the first 2 months of the year which indicates a strong year of sales ahead during 2017 for the residential real estate market in the Barrington 60010 zip code area.
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The Housing Stats
Sales 3 Bedroom Homes
- January had 12 closings. 2016 there were 5.
- February had 7 closings. 2016 there were 7.
Sales 4 Bedroom Homes
- January had 31 closings. 2016 there were 16.
- February had 11 closings. 2016 there were 9.
Sales 5+ Bedroom Homes
- January had 6 closings. 2016 there were 7.
- February had 9 closings. 2016 there were 6.
Sales Condos and Townhomes
- January had 8 closings. 2016 there were 8.
- February had 5 closings. 2016 there were 4.
Summary of Stats
In general we can see that closings are up this year compared to last. 143 homes closed compared to 134. That’s about a 7% increase. I have not included 1 or 2 bedroom units as they are not the most popular single family homes in the Barrington area. (All bedrooms are included in the condo or townhome sales.)
The most active homes are 4 bedroom homes closed in January, they jumped almost 100% compared to 2016.
What Does This Mean For Home Buyers
Buyers should be aware that more homes are selling and that may mean a reduced choice. Although spring sees the majority of new listings, we’ve got active buyers in the market right now. The interest rates have risen recently but they are still low and it’s still a great time to lock in a good rate. Buyers also need to understand sellers will not often consider an offer that is subject to your home getting a buyer. Get your buyer first!
As of March 15th 10.00am – US 30 Year Mortgage Rate is at 4.10%, compared to 4.16% last week and 3.62% last year. This is lower than the long term average of 8.23%.
What Does This Mean For Home Sellers
Less competition. As more home sell there’s less for buyers to choose from. Caution is needed as we watch the spring market unfold. There will be a rush of listings over the next 2-3 months and buyers may hold back a little on their budget. In general I feel 2017 is a good year to sell but not to push those asking prices too high. Slowly and surely we are doing better, realistic is the name of the game and pay attention to the demand for your property price and type. We don’t have a shortage of homes and the average marketing time is still 6 months.
Newest Listings in Barrington Area