I have a lot to accomplish this week. Many market reports are due and I took a week off to go and see my Mom in England. When you arrive back home it can take a while to get back into the swing of a job, no matter who you work for. So with my husband now away on business, Sunday seems like a good day to get started. I chose South Barrington real estate market trends as it’s not a huge sales market, eases me back into so to speak.
South Barrington Real Estate Market Trends – Sales and Average Marketing Times
Charts are wonderful things, they can explain in a few seconds how the South Barrington real estate market faired last year.
There’s no doubt in my mind that South Barrington home buyers wanted to get into their new homes in the fall. Perhaps to get their kids enrolled in the Barrington School District for the new school year, perhaps in time for the holiday season, whatever the reasons it certainly made for an interesting dynamic with the average marketing times.
Quarter four sales dropped back but the reduced marketing time held steady. I expect to see that rise a bit in the first quarter of 2014 as closings will slow down due to the Holidays and winter weather. It would be nice to see marketing times stay under 6 months for South Barrington. The question is are there any indicators pointing to a healthy South Barrington real estate market. Bearing in mind closings during January are of homes that went under contract in December and even November last year.
- South Barrington closings so far in 2014 – 1
- South Barrington homes under contract in 2013 still to close – 7 four of which are short sales waiting on a bank approval.
- South Barrington homes under contract in 2014 – 0
This shows we are likely to have 8 closings in the early part of the year. By the end of the first quarter I am sure this will increase above the 10 we had in 2013 but likely by only a few. I’ll stick my neck out here any say it won’t be more than 15.
In summary South Barrington real estate market trends show a positive trend, with increasing sales year on year. Here are those sales by year:
- 2007 – 37
- 2008 – 33
- 2009 – 37
- 2010 – 49
- 2011 – 46
- 2012 – 56
- 2013 – 67
We look forward to serving you with your South Barrington home purchase or sale in 2014. Contact us for assistance at 847-363-3686 or email us your questions.