South Barrington is a small real estate market and we are a little late with our summer quarterly report. Our report for the South Barrington real estate market likely finishes the most active selling part of 2014.
The South Barrington Real Estate statistics are for single family homes, I am not including land sales and there are no attached homes here.
South Barrington Market Report Summer 2014
In the 3rd quarter of 2014 there were 22 homes closed in South Barrington. This is an decrease of 11 units over last year, there were 33 homes that closed in the same period in 2013. That’s a third less!
- The average list price for single family homes closed in July/Aug/Sept. 2013 was $985,468.
- The average list price for single family homes closed in July/Aug/Sept. 2014 was $1,009,286.
- The average sale price for the homes that closed in July/Aug/Sept. 2013 was $928,870.
- The average sale price for the homes that closed in July/Aug/Sept. 2014 was $945,678.
- The average market time for the homes that closed in July/August/September of 2013 was 97 days.
- The average market time for the homes that closed in July/August/September of 2014 was 176 days.
Prices appear to have inched up a little, which considering the market times have extended on average, is a nice bonus for home sellers in South Barrington.
Data is data and one can argue I could slice and dice this whichever way I want to get numbers that look good in one respect and bad in another. The numbers here are averages and there will always be sales that look better than others. The data provided is simply to give home sellers and buyers an idea of what’s going on in South Barrington. That said, sales are sales, and sales are down for the quarter. Not by one or two but 33%, proving again that 2013 was a great recovery year for real estate in the Barrington area.
South Barrington Homes Under Contract
To add to the current sales this year of 52 there are 9 more homes ready to close. That will bring the sales to 61. With only 6 weeks left in 2014 the chances of more closings is slim. In 2013 there were 67 sales, so we will be down a few but not as bad as North Barrington which appears to have stalled a little this year.
Annual Home Sales in South Barrington 2009 to 2014
Let’s look at sales over the last five years. South Barrington had a good year in 2013 and 2014 looks to exceed 2012. 2014 is a partial year so far.
Current South Barrington Home Inventory
The are currently 75 single family homes on the market in South Barrington. The median list price of these homes is $974,000, with a highest price of $11,200,000. There are 36 homes above $1 million which is not unusual for South Barrington, home to the highest price homes in the Barrington area alongside Barrington Hills.
Our South Barrington Real Estate Market Analysis
Since 2011 luxury home sales above $2 million have come back to this market slowly. The homes above this price point will always have a tough competition ahead of them, with limited home buyers at this price point and above. In general South Barrington is regaining it’s value with a median sale price knocking on the million dollar door again. Inventory is a little excessive for demand and in true Midwest style I am sure will decline over the winter season only due to weather and holidays. That could cause too many homes to be listed in spring 2015.