Summer is coming to an end, fall is around the corner, schools are back for the new year. Home sales in South Barrington are what? Good, bad, promising? Time to take a look at sales for the first half of the year and we’ll update for July and August as well. Before we do that, for reference purposes, this chart shows sales on a year by year basis.
South Barrington Home Sales January – June 2015
Let’s start with a little background on sales during 2014.
- There were 59 homes sold for the whole year, 25 in the first half of the year and 34 in the second half.
- The median sold price for 2014 was $770,000
- The average list price for 2014 was $940,861
- The average sold price for 2014 was $883,656
- The average marketing time for 2014 was 179 days.
Let’s look at the same information for 2015 for the first half of the year.
- There have been 30 homes sold – up by 20%
- The median sold price for the period was $815,000, an increase of just under 6%.
- The average list price was $879,944 down by 6.47%.
- The average sold price was $840,667 also down by 4.86%
- The average marketing time for these 30 sales was exacty the same, 179 days.
July 1st through August 20th 2015.
Just to give us an idea of where the market is headed, there have been 14 more sales during this period. The average sold price was $1,060,461, with an average markting time of 146 days.
Generally homes in South Barrington this year have been selling around 95% of asking price and although price cuts have been needed it only represents a deduction of 2% across all sales.
Trends for Second Half of 2015
What’s in store for home buyers and sellers for the last 4 months of the year? Here in South Barrington like much of the midwest, our real estate market has peaks and troughs, much of which is controlled by the weather. When it gets cold and snowy, sales decline, when the Holidays are upon us, sales decline. As the New Year starts in 2016 sales will start back up again.
Sellers should never think there are no buyers duing the winter periods because there are always buyers. They come from a sale on their house, or a relocation, they come for all reasons. Just because there are not as many does not mean you cannot sell your South Barrington property. There are some sellers that take their homes off the market during winter, so if you are for sale you may have a smaller buyer pool but there are also fewer homes to choose from.
Home sales continue strong for 2015 and we have 8 more under contract as of today. Those will undoubtedly close in 2015 bringing our total to 52. I estimate with 4 more months of activity, another 10 to 15 sales this year. That will exceed 2014.
So come on over to South Barrington for your new home! The prices are right and there are 81 homes for sale in this luxury community for you to choose from.
Average Sales Prices Over Years
Over the last several years we’ve all felt the pain of plummeting home values. Looking at time passed it’s clear we have started to climb up from the bottom but also clear that it’s going to be a while before we hit the peak in 2008. Where once you needed $1 million to buy the average home in South Barrington that is no longer true. Our average sale is between $800,000 and $900,000 and it seems happy to skip along that line for a while.
Contact Corinne Today!
Whether buying or selling you need a South Barrington Realtor to help you.