How well did we do with sales in Lake Barrington Shores in 2018? This market report for Lake Barrington Shores homes sold should answer all your questions. We hope it will help you if you are thinking of buying or selling in this gated community in 2019. It may help if you were not able to sell and are still waiting for your buyer. We’ll also include information about our marketing of homes in the community. Let’s dive right into the numbers.
Market Report for Lake Barrington Shores
- All homes sold in 2018. 98 units. That’s an increase from the 89 units sold in 2017. Up 10%. Great news.
- Condos sold in 2018. 45 units. That’s an increase from the 35 units sold in 2017. Up 29%. Condos are popular!
- Townhomes sold in 2018. 53 units. Also up from 2017, but only by 3. Townhomes still in good demand.
Summary – Home sales remained strong in Lake Barrington Shores in 2018.
- Average price of all homes sold was $267,828.
- Average list to sales price ratio was 96%.
- Average time on market was 113 days.
Note: The average home sale was at a good percentage once the pricing attracted a buyer. The sales ratio from the original price was only 89%. Pricing has been a critical factor since the market crashed several years ago. Starting out too aggressive with a price is almost certain to fail. Not all listed units sold.
More Numbers for Our Market Report for Lake Barrington Shores
- Lowest price sold $138,000
- Highest price sold $527,500
- Lowest price available listing $145,000 – This unit is under contract.
- Highest price available listing $429,000.
- Based on noted time to sell and available homes for sale, the absorption rate is 4 months. We need new listings!
Chart of Available Units in Lake Barrington Shores
The chart below shows how many units have been for sale in the community for the last 10 years. With only 33 homes for sale and 4 of those being under contract, we have the lowest amount of inventory in Lake Barrington Shores since 2008. During 2018 the inventory did not rise much at all. This is good news for any owner thinking of selling in 2019. Demand should remain consistently strong.
If you would like more information abut living here, visit our community page for Lake Barrington Shores.
Marketing Your Home in 2019
Home sellers tend to be easily persuaded that prices are rising and asking more will still mean a quick sale. This is not a wise pathway to follow. Homes sell when they are priced right. Even with low inventory buyers will not overpay. Those days are long gone. There are important aspects to listing your home to sell and pricing factors among the top 3.
Here are the top 3 most important aspects of listing and selling, rather than listing and waiting.
- Pricing. Be honest about the condition of your property when trying to find comparable sold homes. Top pricing is fine is everything is updated and upgraded.
- Location. Waterfront sells for higher than golf locations. Homes near exits and main roads like Miller Rd are subject to noise and sell for less and usually take longer.
- Presentation. The eyes buy so you need to be spotlessly clean and tidy for every showing. Where at all possible leave, go and do some shopping or visit a neighbor for coffee.
Selling any home needs patience and understanding. Yes it feels like an invasion but that’s the goal. The more looks the quicker the sale. Sellers must understand most buyers are looking for move in ready homes. So while staging may not be necessary, you may be in a position of needing some preparation to show your home in the best possible light. An example is wallpaper. Wallpaper is a home sale killer. You may need to de-clutter, remove too much or too big furniture, and even do some minimal but needed upgrades.
Marketing By Your REALTOR®
The MLS is an important part of marketing your property. It exposes your home via all the agents to most of the existing buyers. Here are other ideas for pro-active marketing:
- Professional photographs. Something we always do.
- Writing a story about your home, appeals to buyers emotions.
- Focusing on the best aspects of your property.
- Massive internet exposure through networks and social media. You’ve got it, let’s flaunt it!
- Lockbox for ease of access to view.
- Promotion on the top Barrington real estate website, this one!
- Promoting by the top internet marketing expert, Corinne Guest!
- Video for YouTube exposure.
- Real estate agent network exposure.
- Personal property website.
Our marketing is not a one and done event. We start with great photos, full descriptions and expose our homes on the MLS. The next month is spent creating marketing pieces and rolling them out constantly. The goal is more eyes on your home. Buyers can call us or call their own agent but with 95% of theming starting their research, it’s the area we focus on 100%.
Open houses do not sell property. They are also extremely dangerous for agents and something we no longer do. (Sadly agents are being murdered every year in the USA and open houses are the prime locations). Print advertising takes 3 months and is so outdated compared to the online exposure which is instant.
Signs are not allowed so another reason to find a real estate agent that can get your home exposed to buyers. We pride ourselves in being the top real estate agent for Lake Barrington Shores marketing. We’re here to help you buy or sell in LBS and to keep you up to date about the real estate market just for your neighborhood.
Contact Corinne Guest REALTOR®
For assistance buying or selling in this neighborhood, drop us a quick note and we’ll be in contact quickly.