Welcome to our new market report for horse property sales in 2016. No doubt it is going to be a little different to a regular real estate market report. It’s time for me to delve into the equestrian sales for the Barrington area in 2016 and see if I can spot any trends or data points to help future horse property sellers. At the end we’ll take a look at sales in McHenry County.
Barrington Horse Property Sales Data – 2016
- There were 41 properties sold in the zip 60010 that were zoned for horses. Marginally down from 44 in 2015, and the same as 2014.
- Only 14 of these properties were marketed with a barn or stalls. Whether more had them is unknown.
- Three sales were a short sale.
- Four sales were foreclosures.
- Lowest price sold was $228,900
- Highest price sold was $4,650,000
- Median price $650,000
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 14 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 14 homes sold, they actually had horses and needed stables etc.
A quick note about the others. They may have had barns and stalls but if the listing agents do not mention them, unless I have personal knowledge of them, I am not going to know.
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 14 sales in 2016 was 128 days. That’s a good benchmark to use and down from 2014 when it was 146 days. The shortest marketing time was just 6 days and the longest 375 days. (That does not include any prior marketing periods.)
- The average list to sale ratio was 93%. That’s also improved from 2014 when it was 91%.
- Pricing is still a critical factor. With horse property sales you’ve got more competition and less buyers. Selling property is a competition, like it or not. Before setting your price look at your competition and please be objective. The two story with basement, same horse property will always sell better than a split level with no basement. A brick home will usually be more desirable than a sided home. A clean and well kept barn will wow horse property buyers rather than a long forgotten rickety barn with critters in residence.
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 although recovery in equestrian property is lagging a little behind the regular sales. It’s a laboring job to extract all this data manually, so I’ll likely come back in mid year to see how 2017 is fairing.
McHenry County Horse Property Sales Numbers
Using the same method as for Barrington I cannot go through every sale to extract the numbers. It’s likely that would take me days to do, so we’ll make do with some basic information.
- There were 94 properties sold that were zoned for horses and had a barn with stalls.
- That represented only 2% of the homes sold. I find that hard to believe so am back to listing agents not marketing these properties correctly.
- The average market time for McHenry County was 103 days. I am guessing the horse properties took a little longer which means they were very similar to the Barrington area equestrian property sales.
If you have a horse property to sell in 2017, request a property review and 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.