I have to say this is a first for horse property market reports. No doubt it is going to be a little different to my usual Barrington real estate market reports. It’s time for me to delve into the equestrian sales for the Barrington area in 2014 and see if I can spot any trends or data points to help future horse property sellers.
Barrington Horse Property Sales Data
- There were 41 properties sold in the zip 60010 that were zoned for horses.
- Only 22 of these properties had horse stalls, barns, arenas or out buildings.
- One sale was a short sale.
- Two sales were foreclosures.
- Lowest price sold was $300,000
- Highest price sold was $3,600,000
- Median price $665,000
Many of the properties had paddocks, some fenced, others not but without any additional buildings it’s hard to qualify them as horse property. So I am focused on the 22 that had stalls and barns because they could be immediately used as horse properties. Of course I do not have the information about many of the buyers, so I don’t know if when they bought one of the 22 homes sold, they actually had horses and needed stables etc.
How Long Will It Take To Sell A Horse Property
One of the questions equestrian property sellers might have is what is the average marketing time for a property like mine in Barrington. I did some math and came up with these numbers for you:
- The average marketing time for the 22 sales in 2014 was 146 days. That’s a good benchmark to use and isn’t that different from regular property sales in Barrington, which last year was 104 days. So about a month longer. Still below the six month rule. If over 6 months being a buyers market.
- The average list to sale ratio was 91%. We had a few sales in the 70’s range pulling the average down. The majority were in the mid 90’s. That’s similar to non horse property sales in Barrington.
How much value a buyer and seller places on the horse parts of a real estate sale can be different. As Realtors we should always look for comparable properties but it isn’t always easy with horse properties. Most have the same zoning in that horses are allowed but the inclusions are quite different. A 2 stall barn is much different to an indoor riding arena.
The numbers in this report show some improvement on the report I did in October. That’s a wonderful thing, especially as it’s a laboring job to extract all this data manually.
If you have a horse property to sell in 2015, request a property valuation as your first step. Or give Corinne a call at 847-363-3686.
Data extracted from MRED our local MLS provider and interpreted by Corinne Guest.