North Barrington is a small real estate market like Barrington Hills, so we provide quarterly reports instead of monthly. It makes the data more sensible. Take a look at our report for the North Barrington real estate market.
The North Barrington Real Estate statistics are for single family homes, I am not including land sales and we have so few town houses it wouldn’t affect the numbers.
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North Barrington Market Report Summer 2014
In the 3rd quarter of 2014 there were 14 homes closed in North Barrington. This is an decrease of 9 units over last year, there were 23 homes that closed in the same period in 2013. That’s a drop of 60%.
- The average list price for single family homes closed in July/Aug/Sept. 2013 was $579,778.
- The average list price for single family homes closed in July/Aug/Sept. 2014 was $566,589.
- The average sale price for the homes that closed in July/Aug/Sept. 2013 was $548,196.
- The average sale price for the homes that closed in July/Aug/Sept. 2014 was $545,750.
- The average market time for the homes that closed in September of 2013 was 278 days.
- The average market time for the homes that closed in September of 2014 was 83 days.
Prices are close together with an increase of less than a half percent. But take a look at the turn around in market times. That’s quite a difference BUT! And There’s always a but right?
Why are sales down so much and what’s the average marketing time of listed North Barrington homes?
Well the average market time for the 56 active listings is 272 days. That jives with last years time on market at sale. As for why sales are down. Wynstone has 27 listings with an average market time of 363 days. So far this year the subdivision has seen just 10 sales of the 39 in total. So with half the inventory belonging in Wynstone but only 25% of the sales belonging to Wynstone, I conclude that Wynstone is out of favor still.
North Barrington Homes Under Contract
To add to the current sales this year of 39 there are 7 more homes ready to close and another one already closed in October. That will bring the sales to 47. With only 2 more months we may squeeze a couple more in if there are buyers ready to buy before the holidays. We are going to max out around 50 which will mean a drop of 20%.
Annual Home Sales in North Barrington 2009 to 2013
Let’s look at sales over the last five years. North Barrington had a great year in 2013 but is settling back a little again. I don’t think any of us realized how good 2013 was. We do now we are seeing a decline in volume.
Current North Barrington Home Inventory
The are currently 56 single family homes on the market in North Barrington. The median list price of these homes is $815,000, with a highest price of $2,349,000. There are 15 homes above $1 million and 10 of those are in Wynstone.
Our North Barrington Real Estate Market Analysis
Wynstone is still a disappointing part of this market. It contributes to much of the luxury end in North Barrington and where once was the prized possession, now seems to be the thorn in it’s side.
Other high priced homes also struggle to sell in North Baarrington. Buyers with $1 million seem more inclinded to go where perhaps their investment is safer, either Barrington Hills or South Barrington.
There are plenty of homes in North Barrington that would appeal to the move up market with an average 4 bedroom home selling around $600,000.