The John Herman Team is pleased to release the latest results for the November 2013 real estate performance review in Barrington Hills,IL properties. The report shows mixed results with the most significant statistic, the number the closed sales, which is more than triple the number of homes sold for the same period last year.
In November 2013 there were 11 homes sold in Barrington Hills, versus only 3 sold in both November 2011 and 2012. This indicates we are heading toward a stronger sales market. Also on the upswing was the average price of homes sold, with a 3% jump in price with an average of $762,500 compared with an average price of $740,000 in November 2012. However, what is more significant is that in November 2011, the average sales price was $545,000. This shows significant market recovery, and that sales prices are realigning.
However, even though more homes were sold, and prices are up, overall time on the market was up by 55.3% from November 2012. The average time on the market for November 2013 was 258 days, while the average time on the market a year ago was 166 days. This means in order to get the higher price points, sellers are having to wait a little longer, but in the end, homes are selling for more.
At the same time, there are 20% more homes for sale in Barrington Hills than for the same period last year. In November 2013 there were 102 homes available, while in November 2013 only 85 homes were on the market. This is not a significant number, and most likely indicates that sellers are taking advantage of this being a good time to list and they are willing to wait for an acceptable price.
Not surprisingly, with more homes on the market, there is an increase in months of supply. In November 2013, based on homes available and length of time it is taking to sell, there was a 23.1 month supply of homes, as compared with a 14.8 month supply a year ago. This is a 56.2% increase. Again, this is most likely due to sellers jumping onboard in recent months and finding this is a good time to list. This proves true as there was a 33.3% increase in number of homes listed compared with November 2012.The analysis of all of these numbers boils down to this: Sellers are confident in the market and are listing their homes, they are willing to wait a little longer for a good price, and buyers will benefit from the good selection available and have longer to shop without having to make quick decisions.