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South Barrington IL Real Estate 60010 Market Report July 2017. Last month we updated you on the South Barrington Real Estate market for mid year. Now we are going to add a monthly activity report for South Barrington and here’s the first.
The Housing Stats For July 2017 in South Barrington IL 60010
- There were 6 homes sold in South Barrington.
- The average marketing time for these sales was 230 days.
- Minimum sale price $547,000.
- Maximum sale price $870,000.
- Average sales price ratio at final price was 91% of asking price.
- Average sales price rate of original price, i.e. before price cuts, was 89%.
- 5 Bedroom homes sell better than any others in South Barrington.
- There are 82 homes for sale today.
- There are 13 homes under contract.
The absorption rate for South Barrington is long. Based on currently activity it would take 16 months to sell every property. That’s actually a decrease from the 19 months we were at in the beginning of the year. South Barrington’s home prices currently range from $380,000 to $3999,999. The top quartile, or top luxury homes are priced at $2.2 million and up. We’ve got the odd distressed home for sale, either short sale or foreclosure but they never account for much of the market here.
Good News For Buyers in South Barrington
The contract to close time has dropped quite a bit from 77 days to 57 days. This is a good indicator that lenders have got their acts together and keep on top of their files. From start to finish you’ll be in your new home within 2 months. There’s also a good supply of homes to choose from. But don’t get too picky because the price spread is quite wide. You may not have many to pick from as you climb the price ladder.
South Barrington Home Sellers Need Patience
Lenders and interest rates are working well together and many buyers have reasonable deposits. However their are not enough buyers to swallow the inventory very fast, so matter your price point, you’ll need to understand that for the entire year the average marketing time is above 220 days, as much as 260 days at the start of the year. The better numbers are for those homes in the middle, i.e. the median priced homes. You having market times at around 150 days. That’ still 5 months though and unlike some parts of the country, buyers will come in dribs and drabs throughout the month.
Let Me Help You Find a Home in South Barrington.
For further assistance or to start your home search, call Corinne Guest, Barrington Realty Company at (847) 363-3686. Or fill in our form below.