We are half way through the year which is always a good place to take a look at the real estate sales in Barrington IL 60010. This being the first report of the last quarter I want to break down the market into the four quarters to see what’s rocking and rolling and what’s dragging. Barrington IL 60010 homes have such a diverse range of prices comparing all together is like comparing oranges to blueberries, only one thing in common!
I am going to reporting on sales, so my price divisions will be based on the sales numbers, not on properties for sale. I will be lumping single family homes together with condos and town houses. Here goes.
In the first half of the year there have been 298 properties sold. That’s a about 10% down on 2013 when the volume was 330 properties sold.
Barrington IL 60010 Home Sales in the 1st Quartile
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The first quartile of our sales is properties sold between $74,500 and $295,00 and is the first 74 sales.
The average marketing time for homes in this price range was 148 days. This is a vastly different market to many other areas in the country and even Midwest. A 3 to 6 month marketing time is considered balanced.
The question you might ask. What contributes to a longer marketing time in Barington IL 60010 when the homes at the bottom end of the market are “budget friendly”. Well let’s see. 15 sales were foreclosures and 6 were short sales. Short sales typically have longer market times but are easily compensated by the short market times for foreclosed homes. Many of the homes were either town houses or condos and those are not as popular in Barrington where the average property is at $600,000. That certainly contributes to the time, in my opinion it is the deciding factor. If I break it down there were 44 attached homes sold and 30 single family.
List to Sales Ratio. For homes in this range the average list to sales price ratio was 95%. However all homes on average went through a price cut of 5 to 8%. Does this mean sellers are over-pricing from the start? The answer is yes but here in Barrington we don’t have cookie cutter homes and it can be difficult to price white elephants. There are always comparable homes sold but maybe a little more adjustment is needed. Or could it be that the listing time expectation is too short and sellers get impatient. It’s probably a mix of all the above.
Home Sales in the 2nd Quartile
This is the lower middle range of homes sold and relates to the next 75 sales which sold between $300,000 and $450,000. These sales are still below our median price here in Barrington which based on this data appears to have fallen to around $450,000. That’s because I am adding condos etc. For single family homes it is as stated around $600,000.
The average marketing time for homes in this range was 121 days. At just about 4 months this part of the market can be considered a balanced to sellers market, almost! There were 8 foreclosures and 3 short sales. That’s 15% of the market in this range which is where we have been for a while.
List to Sales Ratio. The average list to sale price ratio was 95.5%. Again price cuts were needed with a common reduction of 2% to 4%.
If you want to view current homes in Barrington IL 60010 marked as foreclosures, visit the listings here.
Home Sales in the 3rd Quartile
Moving on the upper middle range of home sales in Barrington IL 60010 the sales in this range sold from $450,000 to $618,000 and represented 75 properties sold. At this price point we are 100% talking about single family homes. There were 6 foreclosures and 3 short sales.
The average marketing time for homes in this range was 97 days. At 3 months we are moving albeit gradually to a sellers market. There are homes in Deer Park in this range that are included in this report because they have the same zip code, and some of those are selling in days. It’s an ever popular location. This marketing time is very encouraging for a market that has been quite busy over the last 18 months.
List to Sales Ratio. The average list to sale price ratio was 95% and an average price reduction of 3%. At this price level things are tightening up a little. It’s all about the laws of supply and demand. Because this is an active band of homes I wanted to break it down into bedrooms to see what was selling best:
- 3 bedroom homes sold at 98% of asking in an average of 8 days. (5 homes sold)
- 4 bedroom homes sold at 96% of asking in an average of 88 days. (56 homes sold)
- 5 bedroom homes sold at 90% of asking in an average of 191 days. (18 homes sold)
Given that the most expected bedrooms here are 4, with 3 being less sought after these days, this snippet of information tells me otherwise!
Home Sales in the 4th Quartile
With the widest range of prices from $620,000 to $3,475,000 it’s hard to compare these. This represents the final 74 homes sold in Barrington IL 60010. So I’ll break this down a little further to homes up to $1 million and then homes above.
The First Section Homes $620,000 to $1,000,000 – 53 homes sold.
- The average marketing times was 200 days.
- Average list to sales price ratio was 93%.
- Price cuts averaged 6%.
The Second section Homes $1,022,500 to $3,475,000 – 21 homes sold.
- The average marketing times was 188 days.
- Average list to sales price ratio was 92%.
- Price cuts averaged 5%.
- Most popular homes were 4 bedroom.
What surprises me most was the average marketing times for homes at the top half. If I look at active listings for the same price points the current average on market time is now 420 days. So clearly the best in the eyes of the buyers have sold and the rest sit patiently waiting. When these sell it’s going to have a negative affect on the marketing stats. As for the homes priced above $3 Million. We currently have 18 of them which you can view here. The average time on market for these homes is standing at a whopping 1022 days. And that does not include any prior marketing attempts for this very small pool of buyers.
Soon we’ll be publishing quarterly reports for all the Barrington villages. Until then we hope you are enjoying your summer, in between the rain.