There were 63 home sales in North Barrington during 2013. During the last six years we have not had a number that high. (See chart to the left for 2007 to 2012). 26 of the sales were in Wynstone which is good news for that neighborhood, it really did suffer quite badly during the recession, more so than the rest of North Barrington.
Today I wanted to take a quick look at numbers. Statistical data online can be very misleading, you can visit one site which gives one number, another site has another and before long you might not be too sure if any of them are correct, and you would be right. Much of the data online at those big portal websites like Trulia and Zillow comes from the data they have. The reason it can be considerably different comes down to 3 main points which are:
- They base much of their data on active listings, not sales.
- They do not have all the listings.
- Some of their listings are very old and I am talking years not months.
The only way to extract accurate data is via the MLS. It’s both accurate and kept up to date. As Realtors we can access quite a vast amount of data and today I wanted to take a look at some of that and compare to other online resources.
North Barrington Market Statistics – Median Home Values
Data Extracted from MLS for year January 1st 2013 to December 31st 2013 for North Barrington Homes Sold
- Based on sales for full 12 months the median sale was $554,563
- Based on sales for final 6 months the median sale was $560,000
- That’s an increase of 0.01%
- As reported on Zillow the amount was $597,400
- As reported on Trulia.com the amount was $897,400 (Up year on year by 62.4%)
Now I don’t know about you but that last piece of data creates some serious questions. It implies values are up by 62+% which based on home sales reported in the MLS is clearly miles off.
One final statement extracted from one online real estate portal page:
- Sales prices have appreciated 93% over the last 5 years in North Barrington.
Oh I wish! That’s just such a ridiculous statement to make and publish.
Simply put, we publish ‘our’ market reports based on data extracted from sales as reported in our MLS. While I would have liked my homes value to have gone up 93% in 5 years, I know that it still is not worth what I paid for it exactly 10 years ago as an almost new house.
If you would like real data, always trust the data pulled by a Realtor from the MLS. It’s simply more accurate.