The year is not done yet but we are getting close to the point that accepted contracts from here on out will close in 2017. Just yesterday one of my Biltmore listings went under contract and our closing date is set for December 20th 2016. It can take 60 days to get a mortgage underwriting commitment now so we allow at least 60 days for our closings, or thereabouts. Local lenders are better at shortening this time.
I have not had time to be consistent with my market reports due to bringing little Finlay into our family. Of course I am smitten with him and want to spend time with him every day. Puppies take a lot of time! But he’s growing older now and I can get back to work and back to market reports in my re-organized schedule for the day.
This market report is for Barrington IL in general, in other words everything in the zip code 60010. The data was extracted from September 1st through September 30th 2016 from our local Multiple Listing Service (“MLS”). I will follow up with October very shortly.
Barrington IL Real Estate Market Trends Fall 2016 Summary
Single Family Homes Market Report End September 2016
- 596 Active Homes For Sale Today
- 77 Homes Under Contract (Contingencies Remain)
- 19 Homes Pending (All Contingencies Met)
- Average List Price: $993,477 (Heavily weighted by some mansion properties for sale.)
- Average Sales Price: $488,689
- Average Sales Price to List Price: 95%
- Average Days on Market: 275
- Absorption Rate: 11.37 months. That’s considered a strong buyers market!
Condos & Townhomes Market Report End September 2016
- 55 Active Homes For Sale Today
- 9 Homes Under Contract (Contingencies Remain)
- 6 Homes Pending (All Contingencies Met)
- Average List Price: $318,592
- Average Sales Price: $242,094
- Average Sales Price to List Price: 96%
- Average Days on Market: 108
- Absorption Rate: 3.45 months. That’s considered a sellers market!
Absorption rate has been determined by sales over the last 6 months.
Before listing your Barrington home for sale it’s useful to understand the current market trends in your community. They are different for each village and my next reports will address each of our communities and the others on this website.