Moving swiftly on with my market reports it is now the turn of Barrington Hills. What’s been happening with Barrington Hills real estate during the last months of summer? How does it stack up against summer of 2013? Take a look at our report for the Barrington Hills real estate market.
The Barrington Hills Real Estate statistics are for single family homes, I am not including land sales.
Barrington Hills Market Report Summer 2014
In the 3rd quarter of 2014 there were 20 homes closed in Barrington Hills. This is an increase of 3 units over last year, there were 17 homes that closed in the same period in 2013.
- The average list price for single family homes closed in July/Aug/Sept. 2013 was $863,506.
- The average list price for single family homes closed in July/Aug/Sept. 2014 was $853,340.
- The average sale price for the homes that closed in July/Aug/Sept. 2013 was $762,825.
- The average sale price for the homes that closed in July/Aug/Sept. 2014 was $776,313.
- The average market time for the homes that closed in September of 2013 was 470 days.
- The average market time for the homes that closed in September of 2014 was 343 days.
Asking prices have dropped a little and sale prices have risen a little and marketing times have come down quite a lot (In the scheme of things!)
This time last year Barrington hills homes were selling at 88% of list price, whereas this year for the same period it has climbed to 92%.
During the quarter the highest priced sale was $2,000,000. The market time for that property was 282 days and the property sold at 91% of asking price.
Barrington Hills Homes Under Contract
Barrington Hills real estate market is small by comparison to Barrington. At the time of writing there are 13 homes currently under contract. The median list price is $674,000 and that property has a time on market of 274 days. The highest listing under contract is $2,100,000.
Annual Home Sales in Barrington Hills 2009 to 2013
Let’s look at sales over the last five years. Barrington Hills had a great rebound in 2012, took a dip last year and is set to exceed 2012 this year. Prior to the crash it was common to see 70+ sales in Barrington Hills.
Current Barrington Hills IL Home Inventory
The are currently 108 single family homes on the market in Barrington Hills. The average list price of these homes is $1,759,062, with a highest price of $14,900,000. The average days on the market is 403. Those high priced Barrington Hills homes will push up those average marketing times.
Our Barrington Hills Real Estate Market Analysis
Barrington Hills has the appeal of larger acreage and that appeals to many buyers. Some of the housing stock in Barrington Hills is now old. Naturally the lower priced homes sell faster and this is not an issue on homes that have been well cared for. A decline in values is attributed in part to the age of the properties and in part to the value of land declining. Where before you would need a half million just to buy the lot, now you can buy lot and home for just a little more.
Barrington Hills real estate market is quite boyant but the top end has far more luxury homes than luxury home buyers. The absorption rate for the 28 homes priced above $2 million, which represents 26% of the market here, is long. With only 3 sales above $2 million this year, with maybe one more, it would take 7 to 8 years to absorb the available listings.
The luxury real estate market in Barrington Hills is a very tough competition for sellers to be in.