Homes Sold Stats For September 2017 – Barrington 60010 Area
Sales 3 Bedroom Homes
- 12 homes closed in September 2017 (Compared to July’s 11 and August 9)
Sales 4 Bedroom Homes
- 25 homes closed in September 2017 (Compared to July’s 45 and August 40)
Sales 5+ Bedroom Homes
- 10 homes closed in September 2017 (Compared to July’s 8 and August 18)
Sales Condos and Townhomes
- 16 homes closed in September 2017 (Compared to July’s 13 and August 11)
Barrington IL Real Estate 60010 Market Report September 2017 – Summary
Some variability in volume by category but overall another month with a decline. As we head into fall we’ll see less homes going under contract and I expect to see a sharp drop by the end of November.
Should new sellers put their homes up for sale now or wait until 2018? My advice is as always it depends. It depends on your reasons for wanting to sell. Do you wish to or do you need to? If you need to, don’t be afraid, sales continue year round, there are always people relocation and often local buyers who suddenly sell their home and need to find a new one.
Consider also how long it will take to get your home ready for marketing, think about your family holiday plans and for families with kids will there be a mid term school change; is that good for your kids? I always tell people the only person who knows if it is right is you, not the media, not the REALTORS® .
What Does This Mean For Home Sellers
- The market is slowing.
- The market is not dead!
- You will start to see homes come off the market unsold, it’s the nature of this area.
- Listing to contract days has increased but only by a few days.
- Homes are still selling at 96% of asking on average.
- Showings to contract steady at 20 per home. Also on average 4 per month.
Homes Over $2 Million
Just be realistic! You have to know that it’s unlikely you’ll sell in a month, it may not even be in a year.
- 7 homes sold this year to date.
- Average marketing time was 671 days.
- You are competing with 44 other listings.
- There’s a 35 month supply based on listings and sale.
- Sales are increasing, slowly!
What Does This Mean For Home Buyers
- 147 new listings came to the Barrington real estate market in September 2017. Similar to August.
- 17 of those are under contract. Following a declining pattern.
- 2 have already closed.
- There’s a nine month supply of homes, so don’t panic about not finding a home.
- Mortgage lenders can close your loan in 30-45 days now.
- The weather has been very kind to us this summer and early fall. Let’s get looking!
As of September 27th – US 30 Year Mortgage Rate is at an average of 4.03%, the rate has climbed 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 3.27%, so if you can afford to pay more each month this is a great deal. Jumbo rates are at 4.15%.
Contact Corinne Guest, Barrington Realty Company at 847-363-3686 for assistance.