North Barrington real estate activity in December 2012
There were 3 listings closed in December 2012 and surprisingly one of those was a vacant lot. December 2011 it was 2.
During the whole year 2012 we had 55 closings. Compare that to 2011 when there were 48.
I always say it takes more than 2 data points to see a trend so the chart below shows closings since 2007 which was the year real estate really started to slide.
It is interesting to note that 2008, 2009, 2010 were jumping around a little but there’s also no doubt we are doing much better now. There was a considerable jump from 2010 to 2011 sales, more so than 2011 to 2012 but I think I’ll stick my neck out and say North Barrington sales in 2013 will be above 50.
North Barrington Real Estate Inventory
To achieve 50 sales this year will require an increase in inventory. Currently there are 40 homes for sale, all are single family. If we sell 50 that’s an average of 4.16 a month which means we only have enough inventory for 9.65 months and that assumes everything would sell which is always unlikely.
The average selling time for 2012 in North Barrington was 335 days which was 10 months and the list to sale ratio was 91%. So when is the right time to list your North Barrington home? Dare I say now? Well I can because there are buyers looking now. Some from last year that did not find a home and some from 2013 who want to buy while the mortgage rates hold at the current percentages. Of course if you are not ready then you are not ready, but if you want to wait on the weather, football or other such events, maybe you’ll lose a quick sale.
If you are new to North Barrington we are a small village in Lake County with about 3,050 residents and about 1,000 households. Home to Wynstone Gated Golf Course Community and Biltmore Country Club if you like Golf this is a Barrington community to consider.