Barrington IL Real Estate Market Report June 2017 – Sorry this is a little late, July is flying by! Are homes flying off the shelves or is inventory getting stuck a bit with lots of us taking vacations. Read on to learn.
The Housing Stats For June 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 24 homes closed in June 2017 (May 18)
Sales 4 Bedroom Homes
- 55 homes closed in June 2017 (May 24)
Sales 5+ Bedroom Homes
- 9 homes closed in June 2017 (May 19)
Sales Condos and Townhomes
- 20 homes closed in June 2017 (May 18)
Barrington Land Sales
I thought I would look to see whether vacant lots are selling this year as well. To date there have been 11 lots sold with an average sales price of $416,672 and an average marketing time of 235 days. Last year we had a total of 33, so we’ve fallen behind a little. We still have 169 available lots for buyers to choose from.
Barrington IL Real Estate Market Report June 2017 – Summary
Lots of homes closed in June meaning the spring market was good as most transactions would have started in April and May. It won’t be long before we see if July followed the same trend.
What Does This Mean For Home Buyers
- 171 new listings came to the Barrington real estate market in June 2017. Almost the same as the preceding 3/4 months.
- 33 of those are already under contract. Again very much the same as prior months.
- 9 have already closed. That’s up and tells me that loan approval times are getting faster.
- Buyers have 630 Barrington homes to choose from today. Slightly more than in June.
- There’s plenty of inventory to choose from in all price ranges.
As of June 5th – US 30 Year Mortgage Rate is at an average of 3.96%, the rates have fallen slightly. We have been under 4% now since late May.
What Does This Mean For Home Sellers
- With average marketing times of 140 days for single family it’s still not a seller’s market.
- Attached homes do better with 112 days average on market before sale.
- I am seeing a trend of over-pricing and lots of price cuts.
- I am also seeing homes that need a lot of updating, have issues like wet basements but sellers not wanting to fix or update.
- Top dollar is hard to expect when your house is outdated. Why should the buyers do it?