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You are here: Home / Barrington Market Reports / Barrington IL Real Estate – Market Report August 2017

Barrington IL Real Estate – Market Report August 2017

September 5, 2017 By Corinne Guest, REALTOR®

Page Content - Quick Links

  • ? The Housing Stats For August 2017 in Barrington IL 60010
    • ? Barrington IL Real Estate 60010 Market Report August 2017  –  Summary
  • ?What Does This Mean For Home Sellers
  • ?What Does This Mean For Home Buyers

? The Housing Stats For August 2017 in Barrington IL 60010

Sales 3 Bedroom Homes

  • 9 homes closed in August 2017 (Compared to July’s 11)

Sales 4 Bedroom Homes

  • 40 homes closed in August 2017 (Compared to July’s 45)

Sales 5+ Bedroom Homes

  • 18 homes closed in August 2017 (Compared to July’s 8)

Sales Condos and Townhomes

  • 11 homes closed in August 2017 (Compared to July’s 13)

? Barrington IL Real Estate 60010 Market Report August 2017  –  Summary

Closings were down in August compared to July, which in turn was down on June. This is very common in our area. June and July are schools out for summer months and they always have an effect on sales, year in, year out. I expect to see it climb in September but more so for October and November.

I have heard a few mutterings from sellers not able to sell about taking homes off the market in 8 weeks and waiting for next spring. I never approve of this idea, there are buyers in all seasons. If you have not sold during the summer and listed back in spring, it’s not the buyers, it’s you. There’s always a reason a home sits, price, presentation, location, condition all factor in. My advice, review your presentation and price and adjust because next year is not a magic pill.

Barrington IL Real Estate -60010 Market Report August 2017

?What Does This Mean For Home Sellers

  • There are a lot of homes for sale in 60010 as shown in our graphic above.
  • With average marketing times of 189 days for single family homes, it’s not getting brighter. Last month it was 156, so be warned of expecting fast sales like our neighbors, you have to be patient and remember it is a competition.
  • Attached homes do better with 69 days average on market in August. That’s better than last month by a considerable margin!
  • More and more price cuts happening. Be careful not to test the market and over-price, it will harm you!
  • Not getting updates from your agent? Contact them now to review your situation. Or call us.

?What Does This Mean For Home Buyers

  • 155 new listings came to the Barrington real estate market in August 2017. That’s a decrease compared to July of about 25%. 
  • 19 of those are under contract. Following a declining pattern.
  • 3 have already closed.
  • Buyers have 805 Barrington homes to choose from today. (Includes Inverness that has a zip code of 60010.)
  • Mortgage lenders can close your loan in 30-45 days now. Find a recommended lender.
  • A buyer’s agent works for you, avoid the listing agent, they work for the seller not you.
  • There’s plenty of inventory to choose from in all price ranges.

As of August 30th – US 30 Year Mortgage Rate is at an average of 3.97%, the rate has dropped a little since last month. There’s no doubting mortgage rates seem to be holding steady around 4%. No warnings of rising rates seem to have taken hold. 15 year mortgages are 3.2%, so if you can afford to pay more each month this is a great deal. Jumbo rates are very similar.

Read more 60010 market reports for 2017.

Contact Corinne Guest, Barrington Realty Company at 847-363-3686 for assistance.

 

 

Filed Under: Barrington Market Reports

About Corinne Guest, REALTOR®

Corinne is a REALTOR® and the Managing Broker & owner of Barrington Realty Company, a boutique real estate brokerage in Barrington Illinois. She has a passion for digital marketing and helping buyers find their dream lifestyle. She specializes in horse property, new construction, luxury homes and relocation focused on these communities: The Villages of Barrington and their neighbors of Fox River Grove, Palatine, Kildeer, Long Grove, Hawthorn Woods and Lake Zurich. With a passion for the country lifestyle Corinne hopes to help you find your dream home. For sellers Corinne's focus is digital marketing, professional photos for every home, drone photography, and unbeatable internet exposure.

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About Corinne

Corinne Guest – REALTOR® & Owner of Barrington Realty Company.

About Corinne Guest Corinne's natural point of aim, the thing she loves to do most, is help home … Learn More

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