The John Herman Team is pleased to release the latest results for the November 2013 real estate performance review for homes in Barrington. The verdict: It’s a great time to sell! Highlights of the November report shows an increase in sales of detached single family homes as well as an increase in median price of detached single family homes.
The median sales price of detached homes in Barrington rose to $447,500, a 29.7% increase over the price in November 2012 of $345000. Number of closed detached homes rose 84.6% with 24 homes closed in November 2013, versus 13 closed in 2012. There were no attached single-family homes reported sold in November 2013, versus 1 sold in November 2012.
Evidence of a brisk market is present as there was a decrease of homes available for sale in both attached and detached single-family properties. Attached single-family homes showed a 37.5% decrease, with 10 homes available, versus in November 2012 when 16 homes were available. Detached single-family homes showed a 15.7% decrease, with 102 homes available, as compared to November 2012 when 121 homes were available for sale.
New listings during the month held almost steady with the same period in 2012.There was 1 new attached single-family home in Barrington listed in both November 2012 and 2013. There were 17 detached single-family homes listed in November 2012,compared with 16 listed in November 2013. Statistics also show that homes are staying on the market for less time compared with the same period one year ago. While sample size of attached single-family homes was not large enough to report, detached single-family homes showed a 23.9% decrease in days on market. In November 2012 the average length of time on the market was 119 days, compared with November 2013, when length of time on the market was just 91 days.
Statistics also show that more homes are needed to keep up with current buyer demand. Inventory was down, showing that homes are moving quicker than one year ago. In attached single-family homes there was a 43.2% decrease in inventory with a 2.8 month supply, versus a 4.9 month supply in November 2012. Detached single-family home statistics show a 4.3 month supply, or a 33.3% decrease compared with 6.5 month supply in November 2012.
Overall these numbers show that homes are moving more quickly, for more money and that more inventory is needed, making this a great time to sell.