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Vacant Land – Always the last part of a fallen real estate market to dust off the rubble and come back to the market! No shortage of it but land sales are beginning to pick up steam again. When the market was buoyant we used to have about 100 available lots for sale in Barrington 60010 area at a time. Currently we have 173 available vacant lots with sizes from 0.05 acres in town to 60 acres in Barrington Hills. There are a further 10 more lots under contract.
Vacant land sales have been progressing over the last few years. I’ll go back as far as 2011 because that was the last year before we saw the inklings of a revived economy and real estate market. 2013 was the year we saw a much stronger market.
Barrington Land Market Data
Here’s some more data for land owners considering selling or liquidating their vacant lots in Barrington.
- Average marketing time for vacant lot sales in Barrington 2015 – 410 days
- List to sales price ratio – 89%
- Original list to sales price ratio – 81%
- Lowest price $8,000 for 1.01 acres as a foreclosed sale.
- Highest price $700,000 for 5.22 acres.
- Average sales price $195,000
These numbers are not exactly thrilling, but…….interest in buying a vacant lot is on the up and up and so if you do want to sell, and have the patience for a long marketing time, it might be worth considering adding your lot to the mix. If you have a good lot your competition will not be 173 other lots. Each vacant lot is different and some of the existing offerings are not at all good, we’ve got lot’s that will never have a big demand.
Sell Your Vacant Lot in Barrington
It’s a sad fact but vacant lots are just not worth what they used to be. If you bought at the height of the market, you’ll likely not be able to get what you paid for it. However maybe it’s better to liquidate now rather than wait who knows how long to realize your money again. Profit is a thing of the future, the far future.
Find out how much your Barrington Vacant lot might be worth by giving Corinne a call at 847-363-3686.