John Herman Team Announces December 2013’s Real Estate Performance Review for Barrington Hills, Illinois

The John Herman Team is pleased to release the latest results for the December 2013 real estate
performance review in Barrington Hills, Illinois. The real estate in Barrington Hills showed a
mixture of results for December, which may be reflective of the Holiday season, as it doesn’t mimic the
overall strong market seen in other areas.

For instance, while most areas are showing an increase in home prices, statistics for Barrington Hills properties shows that in December 2011 the median price was $1,195,000, in December 2912 it was $1,530,000, but that in December 2013 that figure dropped to $500000. This is most likely reflective of the specific homes that sold, rather than to indicate an overall downturn in prices.

The number of months of inventory was up and down since December 2011 when there were 31.1
months supply. In December 2012 there was a 14.5 month supply of homes. In December 2013 there
was a 17.1 month supply of homes available, an 18.3% increase.
There were 6 new listings added to inventory in December 2013, 5 were added in December 2012 and
10 in 2011.

Days on the market, showed a vast improvement though! In December 2011 the average days on the
market was 547. In 2012 that figure grew to 607 days on the market. But in December 2013 homes
were on the market an average of 236 days, a 61.1% decrease from the previous year.
Home sales were about even with the previous year’s figures. In December 2012 there were 82 homes
sold and in December 2013 there were 87 homes sold, a 6.1% increase.

It appears that while there is a trend for improvement in home sales with shorter market times and
higher prices that the high-end inventory of Barrington Hills may still have some catching up to do.

The 12 months Rolling Real Estate Performance Reviews for Barrington Hills , Illinois by The John Herman Team

The John Herman Team has reviewed the real estate statistics for the past 12 months for Barrington Hills, Illinois homes and the numbers show that market recovery is not as brisk in every category in Barrington Hills as some of the other surrounding communities, but that prices are on the increase, which is a very positive and important statistic.

In 2011 the average price of a house in Barrington Hills was $650000, in 2012 that dropped to $615,000, but in $2013 the number was at $660000, even better than in 2011. This is a 7.3% increase. Overall closed sales were down however, as 2012 showed a spike in sales with 66, a 61% improvement over 2011 when just 41 sales were reported. In 2013 there were 51 sales, an increase over 2011 but a 22.7% decrease from 2012.

The number of homes has remained primarily steady over the past 3 years with 118 on the average in 2011, 103 in 2012 and 102 in 2013. Time on the market seemed to lengthen in 2013, as the highest yet over the past 3 years. In 2011 the average length of time om the market was 348 days. Things picked up in 2012 with average time on the market at 261 days, but in 2013 the days on market increased to 467 days, a 78.9% increase.

The month of supply was steady with 2012, with 22.4 months supply available. This is down though from 2011 when there was a supply of 37.5 months, so this does show improvement. New listings also were unchanged for the most part, with very little fluctuation in the 3 year period. In 2011, 158 new homes were added to the market, in 2012 148 homes were added, and in 2013 there were 164 homes put into inventory. This was a 10.8% increase in Barrington Hills houses.

November 2013 Real Estate Performance Review for Barrington Hills by the John Herman Team

The John Herman Team is pleased to release the latest results for the November 2013 performance review in Barrington Hills, IL real estate . 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 properties sold in Barrington Hills houses, 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 available homes in Barrington Hills 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.