Golly gosh, I have been so busy of late, the first quarter of 2012 has slipped by and I forgot my Wynstone market report. I tell you what, we’ll make this a double report and look at the North Barrington real estate market report and Wynstone sales.
The following graph shows the North Barrington real estate inventory levels over the last year. In July 2011 we reached a peak and ever since then it’s been on the way down. Going from about 86 listings to around 70 in six months is actually pretty good progress. Once inventory levels get to about a six month supply, home owners should expect prices to increase. Of course that’s a very blanket statement, there are so many other factors involved.
It’s true that a lot of the North Barrington real estate inventory are homes in Wynstone. At the time of writing there are 36 homes available in Wynstone with prices from $465,000 to $2,600,000. Another 4 Wynstone homes are under contract. That’s very close to 50% of the homes listed in North Barrington.
How are Wynstone sales doing? In the last 12 months there have been 24 sales. In 2010 there were only 7 sales. In 2011 it jumped up to 22 so we appear to be on target to keep that number if not exceed it by the end of 2012. North Barrington real estate has an average marketing time of 326 days, still a buyers market. For Wynstone it’s 502 but of course that’s just the average and skewed by those highest priced listings. The median priced sale in Wynstone is now $780,000. If I re-run the numbers for sales under $1 Million, then the market time comes down to 383, still a long time.
Wynstone is not out of the woods yet, still firmly placed in a buyers market. In case you are interested in tracking the median price of homes in North Barrington, this chart shows the last two years. Pinch me now, doesn’t it look like we have leveled off, I think so, I hope so.