It’s been a while since I last wrote a market report and high time I got back to regularly reporting Barrington IL real estate market trends.
This market trend report will cover the entire Barrington IL area, all real estate sold in the zip code 60010. We’ll break out attached homes from detached. Our goal is to provide you with information on homes sold, volume sold, average times on market and average sales to list price ratio. With a two year rolling graph both buyers and sellers will be able to understand the real estate market in Barrington IL. We differ from many areas in the country, we differ from surrounding communities.
Homes Sold in Barrington IL 60010 – 2 Year Graph
We only include detached single family homes and attached single family homes as they contribute the majority of the real estate sold in 60010. Typically for winter we see a decline in sales and summer months are the busiest. This graph will like follow the roller coaster path for years to come.
May 2014 – April 2016
Average Days on Market in Barrington IL 60010 – 2 Year Graph
Using exactly the same sales we move on to the average market times for the homes sold during the last 2 years. Although there are some slight variations, it’s interesting to see that in general the patterns for both attached homes and detached homes are quite similar. What’s more interesting is that for 2016 the trend is increasing market times. Compare to last year and 2014 and we are certainly taking longer to sell. This is in total contradiction to what you hear or read in the media. I also know we are very different to other parts of the country. San Jose in CA for example, most homes are selling over asking price as soon as the homes hit the market and with multiple offers.
Average Days on Market For Both Attached & Detached Homes
Usually a suddenly spike, like seen in December 2015 is due to a home or two in the luxury communities suddenly selling after a long time on market.
Average List To Sales Price Ratio in Barrington IL 60010 – 2 Year Graph
A way to understand whether the market is healthy or stumbling is how close to asking price the homes are selling for. Naturally the more expensive homes will have longer on market days and may sell below the expected average. But averages are made of those as well properties sold at asking price. So generally the average will be a good indicator. Please note this is of the final asking price. Our market is still seeing a lot of price reductions to reach the sweet selling spot for buyers. Pricing right from the start is the best way to ensure you don’t lose more than necessary. It’s a well know fact that over-priced homes ultimately sell at less than had they been priced correctly to start.
The chart below shows list to sale price ratios for Barrington IL real estate market trends are very predictable, month by month, even year by year. Very little variation from an average of 95%.
Barrington IL Real Estate Market Trends – Summary
In general for April 2016 Barrington home sales are steady, marketing times appear to be inching up but list to sales price ratios hold steady at around 95%, which is what they have done for years and years.
These charts will be updated on a monthly basis. If there is other monthly data you would like to see, please ask. We’re happy to add a chart based on popular requests. Something you want to know information I might have assumed to be unimportant.
Are you thinking of selling? Remember that you need to take on about 60 days after contract for mortgages to be approved and then closed. This should help with your planning. Remember to be the odds of all of these charts, price to sell from day 1, and present to sell from day 1.
Call Corinne at 847-363-3686 to get your home listed soon, while the late spring and early summer market is active!