The John Herman Team is pleased to release the latest results for the November 2013 real estate performance review in South Barrington, IL homes, and all signs point to this being a great time to sell.
Statistics for November 2013 show that the average sales price has gone up 31.3% compared with November 2012. A year ago the median price was $727,500 and this year it is reported as $955,000.Time on the market is also encouraging, as homes are selling at a brisk pace with an average of just 47 days on the market, compared with 242 days on the market last year. This is an 80.5% decrease in time on the market, a very good sign for sellers.
Not surprisingly, the inventory supply statistic supports the previous two statistics, as there is a 9.6 month supply of homes, and in November 2012 there was a 12.9 month supply, a 25.6% decrease.
There were 4 new listings added to other November 2013 inventory, compared with 3 in 2012, a 33.3% increase.
While numbers overall are encouraging, November was a slow month in closed sales, with just 2 being reported, compared with 5 in November 2012, a 60% decrease.
Although November was a slow month in sales, indications are still that sales are on the increase overall, as inventory is down and the months on the market is decreasing for South Barrington properties.