The Inverness IL real estate market comprises of both single family homes and some town homes. Home to approximately 8,000 residents Inverness is often considered along side Barrington by home buyers. Depending on the location the property zip code will either be 60067 or 60010. The homes are very similar in styling to many in Barrington and the older smaller homes also mimic those in the village center in Barrington. Many Inverness homes are within the Barrington School district too.
So the question is, has the Inverness IL real estate market seen a positive increase in sales similar to those witnessed in Barrington? Only way to find that out is to dive right in to the data and take a look.
Inverness IL Home Sales October 1st Thru 31st.
- There were 14 homes sold during the month.
- That makes a total of 103 for this year from January 1st to October 31st
- The same time in 2011 yielded 64 sales. A 61% increase on sales in one year is showing that the Inverness real estate market is recovering really well.
- The average sales price during October for attached homes was $455,500 which represented 102% of the asking price and the average marketing time for the two sales was 78 days.
- The average sales price during October for detached homes was $443,485 which represented 94% of the asking price and the average marketing time for the 12 sales was 197 days.
Inverness IL Homes Available
There are 26 homes under contract or pending, 7 of those appear to be waiting for short sale approvals. For new buyers there are 76 to choose from. Considering we had 14 sales in October that means we would be all out of inventory in under 6 months. That may not sound like a big deal but it is. This is what we call the absorption rate ( how long would it take the market to absorb all the listed homes). A couple of years ago we had an absorption rate of over 24 months!
In the most recent months many of the homes listed have gone under contract in 30 days or less. The higher priced or “poorly” priced homes take longer. Another data point that tells sellers you can sell quickly as long as you price right from the get go.