With temps in the 93f range and a heat index of 96f, to say summers end here in Barrington seems somewhat ridiculous. However August is the last of the full summer months, even though fall does not start until September 22nd. It’s also two thirds of the way through the year, so what better time than to take a look at the Barrington real estate market compared to last year to see if things are looking better.
Home sales in the Barrington area from January through August 31, 2012 (v 2011)
- Number of homes sold so far this year is 381. Same period 2011 there were 304. That’s an increase of 25%.
- Number of vacant lots sold so far this year is 12. Same period 2011 there were 4. That’s an increase of 200%.
- Average marketing time in 2012 is 211 days. Same period in 2011 it was 241 days. That’s one month less.
- Median sold price in 2012 is $420,000. Same period in 2011 was $470,000.
- I expect this to rise as inventory levels fall. Inventory never falls until activity increases. We are seeing the start which is a positive sign, hopefully to continue.
Should Barrington home sellers be feeling confident again? I would say yes, so long as none of us start thinking huge increases year on year. None of us really want that. Of course it would be nice if we got back to where we were in 2006/7 but if we climb too fast we’ll be setting ourseleves up for another slump. Slow and steady is much better.
Should Barrington home buyers panic? No of course not, for the very same reasons sellers want slow and steady, buyers should wish for the same. Buying at the bottom of the market when home values are beginning to rise or on the verge of it, means a good investment strategy.
How about list to sale price ratios? On average in 2012 the list to sale percentage is 92% of asking price. More importantly 84% of the first listing price. The numbers for 2011 are almost identical. Therefore no real change there. These numbers will start to firm up as inventory levels drop.
Sellers – What to do? Sell or wait. Well there is never a simple answer to that question, it always depends on your circumstances. Call me if you need an honest consultation about selling your home. 847-363-3686
Buyers – When to buy? Again my answer is when you are ready. Interest rates are still very low, it’s a great time to secure a low fixed rate mortgage. Enter the buyers market place with a positive frame of mind. A fair price for the home you choose. Not trying to low ball to get a steal deal. This is a recipe for failure and the only person who’ll suffer….you.