April was an active month for real estate in the Barrington area and as the expected start of a typical spring market here in the Midwest I wanted to take a look at trends this month. Some of our homes are selling in record time. The median price range here in Barrington always has the most activity and that’s where the properties are selling fastest.
April saw 54 Barrington homes sold during April 2013.
44 of those were single family with an average sale price of $468,681 with a marketing time of 170 days. The median price was $486,475 and the median marketing time was 47 days. That means that half of the sales were less than 47 days! That’s pretty encouraging time frame of your home is about $500,000.
10 of the sales were attached homes, condos, townhomes or duplexes. The average price was $200,250 with a marketing time of 67 days. The median price was $203,000 and median average marketing time 39 days. That means half the sales took less than 39 days.
During April we saw 162 newly listed properties, 132 single family and just 30 attached. The average listing prices popped up to $904,020 and $248,135 respectively. That $900k number tells me that confidence is returning in the higher priced markets, sellers are more willing to list homes in the upper quartile.
It’s always best to compare a months data to the same month in previous years. Last year we sold 50 homes so no great increase there. Both detached and attached average sales last year were higher which is somewhat surprising but the one place we are doing much better at is marketing time.
Last year 260 to 280 days was average. Even half the sales were more than 195 days. The following chart compares months to show the declining inventory. We’ve made some aggressive steps away from a buyers market, we’re almost level again. (6 months inventory is an even market). The top number reflects the amount of months inventory.
If you are considering selling your home in Barrington, my style is practical, down to earth and tenacious. Call me at 847-363-3686 and let me know your plans.