With the first quarter of the year almost done it’s a varied real estate market here in Barrington because our price range of homes is wide. While the top end of the price points are still sluggish to move, the bottom end and mid priced homes are moving along nicely. This market report is going to break down by price section to give an idea of what buyers and sellers can expect. We are reporting on residential sales in the 60010 zip code for January and February 2018.
General Housing Stats
January saw a total of 49 single family homes and condos & townhomes sold. In February that number declined to 27. Why? January often sees a rush of closings for homes that went under contract at the end of the prior year, whereas February often has some sales that started this year and January is always a quiet month.
If we compare the numbers to last year, 2017 they were 57 and 34 respectively. Sales this year are down by 17% which is quite big reduction.
The lowest sale price was $110,000 which was a foreclosed home in North Barrington and the highest $2,375,000 a luxury home in South Barrington.
Condo Real Estate Stats
Of the sales in January, 14 were attached homes. That includes condos and town houses. For February the number was just 5. Last year we had 8 in January and 5 in February. The lowest sale was $142,000 and the highest $348,000. Both were Lake Barrington Shores.
Of the 19 solds 13 were in Lake Barrington Shores, the remaining 6 in Barrington. That’s good news for Lake Barrington Shores, a steady start to the year.
Market Stats Summary
Today we have 529 homes for sale with no contract. There are 108 properties under contract and 18 pending and ready to close. If we consider our closings for January and February of 76 it gives us an inventory of 14 months. That’s a long time compared to much of the country and even some of our neighbors in the NW suburbs.
- Foreclosed homes sold – 5
- Short sale homes sold – 3
We are more or less back to a normal distressed market in Barrington. They rarely go away completely.
Market Report up to $250,000
- 21 Homes Sold
- Average marketing time was 82 days for single family homes. Attached homes 134 days.
- Average sale to listing ratio was 94% for single family homes. Attached homes 95%.
Market Report from $250,00 to $500,000
- 29 Homes Sold
- Average marketing time was 142 days for single family homes. Attached homes 104 days.
- Average sale to listing ratio was 96% for single family homes. Attached homes 95%.
Market Report From $500,00 to $1 Million
- 22 Homes Sold
- Average marketing time was 226 days for single family homes. No attached homes in this price range.
- Average sale to listing ratio was 94% for single family homes. No attached homes in this price range.
Market Report From $1 Million to $2 Million
- 3 Homes Sold
- Average marketing time was 241 days for single family homes. No attached homes in this price range.
- Average sale to listing ratio was 92% for single family homes. No attached homes in this price range.
Market Report Above $2 Million
- 1 Single Family Home Sold
- Marketing time was 627 days.
- Sale to listing ratio was 79%.
What does this mean if you’re buying a house in Barrington?
There’s plenty of inventory in all price ranges. You don’t have to panic thinking a home you saw will be sold before you can even think about it. We always have some properties that sell in days so if it’s that dream home, be ready. Buyers should always have their finances in order and be ready to make that offer. Lack of a mortgage approval is the number one reason a buyer loses out on a house.
There are many over-priced homes as well. You don’t need to over-pay and must be careful of appraisals coming in high enough for your mortgage. The benefit of a strong buyers agent is the best defense you can have in all price ranges.
What does this mean if you’re selling a house in Barrington?
Ignore the media and pay attention to your real estate agent. Here in Barrington we are seeing continuous price changes in all range, so sellers are still over-pricing homes and losing out to those that understand the market a little better. Keeping up with the market is what we do and advising you best on pricing gives you a better chance of selling in under average time.
Make sure your property is ready for sale. Do not rush to get on the market without a review with a Realtor of your house. Make sure it’s ready for professional photos. It might be wise to wait until the landscaping has greened up a little, it’s only a week or so away now.
Understand the expections of time to sell but be ready for a nice surprise. Be ready for the spring buying season too. Spring break is almost done, Easter is here and maybe, just maybe some warmer weather will get buyers out and about in Barrington.