Time for a late summer 2014 report for the Lake Barrington real estate market. I just wanted to take a quick peak at sales during July, August and September.
The Lake Barrington Real Estate statistics are for both single family and attached homes.
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Lake Barrington Market Report Summer 2014
In the 3rd quarter of 2014 there were 25 homes closed in Lake Barrington. Compare that to 2013 when we had 35 sales, Lake Barrington is following the same pattern as all the other Barrington villages.
The average marketing time for single family homes for the 3rd quarter was 162 days in 2013 and for attached homes 107 days. This year it was 107 days and 96 days respectively. If homes are selling as quickly as 3 months, and that’s what the average is, then we are inching away from a balanced market to a sellers market.
Lake Barrington Homes Under Contract
To add to the current sales this year of 23 single family homes and 59 attached homes, there are 20 more homes ready to close. It’s possible we may squeeze one or two more but with only 6 weeks left in the year and the Holidays upon us, I think it’s fair to say things will wind down and any homes under contract from this point are likely to close in 2015.
Annual Home Sales in Lake Barrington 2009 to 2013
Let’s look at sales over the last five years. Lake Barrington has seen 2 great years in 2012-2013 compared to the previous three. With 2014 set to close about 102 homes, that makes 3 good years in a row.
Current Lake Barrington Home Inventory
The are currently 93 properties on the market in Lake Barrington. 46 are single family homes and 47 condos and town homes.
Our Lake Barrington Real Estate Market Analysis
Sales in Lake Barrington Shores were very strong last year and although have settled back in 2014 are still good. However the lower priced units seem to be where all the action is. The market for single family homes is strong, bringing the average market times down. I think this will continue into 2015 and we’ll see prices start to rise at a steady rate.
New construction at The Enclave has attracted a few buyers but there are still lots and homes available in this 32 home site neighborhood.