What was the Average Price in 2017?
Including only Single Family Homes, 2017 ended with an Average Price Range of $580,608.
|Year||Average Sale Price|
Barrington IL Real Estate Market Report – April 2018
Here’s a look at the Barrington IL Real Estate Market for April 2018. Considering the numbers shown in the above report, the average sale price to the end of April 2018 was $547,946. That’s a little off the prior 5 years but the market is now beginning to hot up with spring buyers and sellers out in force.
From April of 2017 to April of 2018, the median price range for homes sold in the Barrington area actually went down by 13 percent.
This indicates the market in Barrington is not as strong as it has been but only time will tell, we’ve got some good selling months ahead of us.
Home Sales Barrington IL
April ended with a total of 45 single family homes sold and 14 condos and townhomes sold. On average the single family homes took 220 days to sell, the condos and townhomes faired better at 117 days. Thats splits the market. Single family homes are a buyers market, condos and townhomes are a sellers market.
Compared to 2017 condos and townhomes are holding steady on market time with only a 4 day increase, we did not have as many sales last year with only 9. Single family home sales last year were 56 for the month od April with a much reduced on market time of 163 days.
Do you think the weather has had anything to do with a lack of buyers this year? Or are we suffering at the hands of the changes in real estate tax allowances on our tax return for 2018? Motgage interest rates have also gone up but in reality are still very low. Here’s a chart that shows new single family homes on the market in April for the last 3 years. Pretty steady so far, I think it will be the same throughout the year.
Average Time on Market
At the end of 2017, the average days on market for single family Barrington IL home prices was 178 days. That’s considered a level market. It’s in stark contrast to many of our surrounding suburbs and the nation. Our median price puts is in a different demographic so comparing to Palatine or Schaumburg for example is not a fair comparison.
Here are the average days on market for the last 5 years for single family homes.
At the end of 2017, the average days on market for attached homes of all kinds was 101 days. That’s leaning towards a sellers market but at 3-4 months we are still behind many of the neighbor communities.
Here are the average days on market for the last 5 years for condos and townhomes.
Time To Sell By Price Range – Single Family Residential 2017
Averages give us a general idea but we have some diverse pricing. Sellers might like an accurate timeframe for their home.
|Price Range||Average Days 2017||Price Range||Average Days 2017|
|Under $2000,000||166||$700,000 – $800,000||189|
|$200,000 – $300,000||117||$800,000 – $900,000||217|
|$300,000 – $400,000||133||$900,000 – $1,000,000||233|
|$400,000 – $500,000||163||$1,000,000 – $1,500,000||288|
|$500,000 – $600,000||168||$1,500,000 – $2,000,000||350|
|$600,000 – $700,000||220||Above $2,000,000||627|
Average List to Close Price
At the end of 2017, the average list to close price was 97% for single family homes and 98% for attached homes. Those are indicators of a strong market but if we look at pricing we also see that both sections sold at 94% and 96% of the initial list price. That means that price cuts were necessary to achieve a sale in many instances.
Supply and Demand
The following chart for the last three years shows our supply is affected by a lower demand in winter than summer. Overall the trend is inching down with about 9 months supply as of May 3rd 2018. It would take 9 months to sell every home listed for sale. It is climbing as new sellers come to the market but the trend is better year by year.
More Reports for 2018
|1st Quarter Luxury Market||March 2018||April 2018|
Reports from 2017
|January/February 2017||March 2017||April 2017||May 2017|
|June 2017||July 2017||August 2017||September 2017|
- Real estate activity is often slow at the beginning of the year and towards the end.
- Foreclosures only made up about 4.8% of the activity with 48 homes closed in 2017.
- New homes for sale are increasing with builders and custom homes making up 2.6% or 26 sales in 2017.
- Barrington IL Mansions are taking a long time to sell. Average time for above $2 Million was 627 days for closings in 2017.
Barrington real estate agents should know these numbers and advise home buyers and sellers accordingly. Setting expectations for sellers is an important part of listing homes for sale. Buyers need to understand how each location stacks up to what they hear and read.
As your Barrington REALTOR® we strive to bring you Barrington IL real estate market reports on a monthly basis and they will be added here regularly. Contact us if you need any help, buying or selling.