This post references South Barrington Luxury Homes Priced $1,500,00 and up.
- In the last 12 months there have been 3 South Barrington Luxury homes sold. The prices were: $1,950,000, $2,275,000 & $3,750,000.
- In the preceding 12 months there were also 3 sales. Those prices were: $1,550,000 (foreclosure sale), $1,562,500 & $1,575,000 (foreclosure sale).
At the time of writing there are just 2 homes under contract. One is a regular sale, the other is a short sale.
How many luxury homes are for sale in South Barrington?
At the time of writing there are 23 luxury homes for sale in South Barrington today. Consider there were 3 sales in the two prior years and that gives us an absorption rate of 7 and a half years! Meaning it would take 7 and a half years to sell them all. If that’s not a glut, I don’t know what is.
What’s Wrong With South Barrington Luxury Homes
Is there anything wrong? Or is it just a lack of buyers. In other words over supply, poor demand. Well let me shed a little light on some of this.
- Yes there are buyers!
- The homes are not well matching the buyer’s criteria!
- The buyers may be expecting too much!
- The expectations may be wrong for South Barrington!
- South Barrington luxury homes may be over-priced!
- Over-pricing is still common in South Barrington.
- South Barrington buyers are still not enough to swallow the inventory.
It’s a merri go round.
- The price range of these 23 homes is $1,545,000 to $6,950,000.
- The real estate taxes for these homes range from $22,000 to $48,000 (approx.).
Many of the homes in South Barrington being built in the 1990’s, the styling is now somewhat out of date. Oak was a common product for flooring and trim. Oak is hard to paint. (the grain remains). The pale and honey coloration is not desired any more. Buyers want cherry or maple and they want it dark. These woods are smoother. 15 year old kitchens and bathrooms need to be updated. Some of the colors used in the 1990’s appear older that the actually age. Blanco is back, white bathrooms are in! Flooring products have changed too. Stone is used more now than ever before, in foyers, hallways, kitchens, laundry rooms. Hardwood floors are still as popular as ever but dark stains are in.
Well you get the idea. To renovate a large luxury home to bring up to date with todays style is going to cost a lot of money and buyers do not want the hassle of doing it. It might cost a half million dollars to renovate a large house with 7,500+ square feet, let alone the time it will take especially if the buyer has to move right in. There’s nothing worse than living in a construction zone!
Luxury Home Buyers are looking for Newer Homes, something in Short Supply in South Barrington.
If buyers cannot find a home that matches their needs, one thing they may consider is new construction. The choices are to buy a lot of land and build your own custom home. Or choose from the limited new construction available in South Barrington. You might not get as much square footage as the cost of building is the highest per square foot. But you’ll get everything else.
For Buyers – It’s Time To Compromise.
Well maybe. As longer as a luxury home buyer understands that South Barrington does not have a lot of young homes, the choice is to wait or to compromise on something. If they truly want as new as possible they should understand they are not alone in that search and they need to jump fast and not low ball offers. Those are likely going to be rejected. As long as the asking price is acceptable based on any limited comparable sales there are, make a good offer.
For Sellers – It’s Time To Re-Assess Pricing.
If you are a seller and you have not received many showings or any offers, the market is rejecting your price. Without comparable sales to use I have recently calculated pricing based on a square footage amount, and many of you are over and above where you should be! But you don’t need to take it from me, take it from the market. A newly listed home I toured with buyers received multiple showings within the first day or two. If no offers come, those buyers will be rejecting yet another house. But it proves there are buyers! We were literally passing at the door!
Sellers motivation does factor into it. If sellers are not truly motivated then maybe they’ll just sit and wait or take a home off the market.
More Market Report Information For South Barrington IL Luxury Real Estate
It’s always good to know all statistics when it comes to selling luxury homes in South Barrington. This helps guide buyers, sellers and brokers too. Of course I would hope that brokers are doing their own research and not relying on this blog.
- Average sale to list price in South Barrington over the last 12 months: 93%
- Average sale to the initial asking price: 90%
- Average days on market: 143
- Highest sale was $2,275,000: Leaves a lot of higher priced home still on market.
South Barrington Luxury Homes Still On Market
Available 4 bedroom homes: 3
Average days on market: 1088
Available 5 bedroom homes: 22
Average days on market: 496
Let those numbers sink in for a bit. Then ask what happens to those listings? Do they sell? Do they not sell? The answer is most do not sell.
So for the 25 homes on the market today, sellers should look long and hard at their asking prices. You are in a competition to attract a buyer and right now most of you are losing. If you’re not in a hurry to sell, why bother list your home at all. Thinking you might happen to attract a buyer is flawed.
Remember the sell 3 times rule.
- First you must sell to the buyer.
- Second you must sell to the buyers Real estate agent.
- Third you must sell to the appraiser.
That’s a hard triple task right now.
Are you a buyer looking to buy in South Barrington. View our gallery of South Barrington Luxury Homes