South Barrington Homes sold in December – 3. That may not sound many but South Barrington is a small village; a review of the year 2012 compared to previous years will give us a better idea of how buoyant the market is becoming, especially as South Barrington homes account for a lot of our higher priced transactions. The following chart shows sales each year since 2007. There’s quite a difference in 2010 and 2011 compared to 2007/8/9 but no doubt in my mind 2012 shows we have turned the corner.
There are currently 10 homes in South Barrington with contracts and 5 of those are dated 2013. That leaves only 41 homes available in South Barrington. If 2012 saw 56 sales, that equals 4.67 sales per month so we have 8-9 months of inventory. Simply the inventory could all be absorbed before the end of summer and many South Barrington buyers would be disappointed.
South Barrington Homes Inventory Needed
Let’s break that down a little more to see if we are lacking inventory at a certain level.
Let’s review the upper quartile of home sales in South Barrington in 2012. The upper quartile were homes that sold between $861,500 and $2,350,000. The upper quartile range of homes for sale in South Barrington today are homes above $2,000,000. Why? Simply because we have more higher priced listings available now the market confidence is returning. In fact there are only 15 homes priced under $860,000 and of those 7 are under contract.
That reinforces the need for more lower price inventory in South Barrington. Contact us if you are considering selling your South Barrington home, it looks like the perfect time to list homes under $1 Million. With 5 homes under contract already in 2013 I wonder how active we are going to be in spring!