The John Herman Team is pleased to release the latest results for the November 2013 real estate performance review in North Barrington,IL homes and the report shows that prices are on the rise.According to the latest report the median price of a home in North Barrington was up 64.7% from a year ago. In November 2012 the average price was $525,000 and in November 2013 it was reported at $864,500. That is a significant increase and good news for sellers.
Another indication of a strong market is the number of homes in North Barrington on the market. In November 2013 there were 40 homes on the market, and in November 2012 there were 54. This is a 25.9% decrease. Fewer inventories means more demand, another sign of strength, and a good time to sell.Another supporting statistic for strong demand is that there is currently just a 7.5 month supply of homes on the market, versus last year when there was 11.6 month supply. This is a 35.2% decrease. More inventories is needed and this holds true in that listings were slightly down for the same period a year ago when 5 new listings hit the market, and in November 2013 there were 4 homes, a 20% decrease.
Coincidentally there were also 5 homes sold in November 2012 and 4 homes sold in November 2013, which matches the number of homes listed. Length of time on the market was almost flat, with a 2.5% increase. Average time on the market in November 2012 was 711 days, and in November 2013 it was 728 days.The overall analysis of these numbers indicates that it is a good time to sell and that buyers need to be ready to strike if they see a home they like in North Barrington properties.