- Barrington home sales are down this year.
- Much as we like to think the market keeps rocking and rolling the reality is different.
- We reached a peak in November 2017.
- Since November the year on year volume has dropped every month.
- Price cuts are common now to achieve a sale.
- The luxury market always suffers the most.
- The time to think about selling may not be today. It depends on your circumstances.
- If you have been on the market a long time, this is why.
- Have a conversation with your agent about market conditions today for your property!
- Price and presentation will always help you.
- The average marketing time for all sales is now 167 days, which compares well throughout the year.
- Contract to close has an average 48 days, down since last year.
- Mortgage rates are creeping up.
- We have 11.4 months of inventory in Barrington. This makes it a buyers market.
Barrington Home Sales and Mortgages
Are the years sales affected by the increase in mortgage rates? Maybe not a lot but I am sure that it does have some effect.
The same is true of real estate taxes. Those just go up and up every year. People are beginning to think longer and harder about paying over $10,000 in taxes each year.
The truth may hurt if you are in the market to sell. There is downward pressure on pricing especially as we head into the end of the home selling season. I like to have my clients and readers understand the market and there’s nothing better than a graph to show it. The graph is created from my MLS system. I have added no additional data to skew it. Barrington area, one year to date, all properties.