The John Herman Team has reviewed the real estate statistics for the past 12 months for Barrington, Illinois properties and reports that every category supports a strong real estate market, improved over the past year. There are more homes sold, higher prices and less time on the market.
The overall number of homes sold over the past 12 months increased by 19.6% for detached homes. In 2012, 224 homes were sold in Barrington, and in 2013 there were 268 homes sold. Movement in attached homes was also improved with 30 sold in 2012 and 39 in 2013, a 30% increase. This compares with 13 attached sold in 2011 and 171 detached sold in 2011. This is a steady 3 year improvement.
Looking back over the past 3 years the number of homes on the market is declining as well. For attached homes there were an average of 36 homes in 2011, 28 in 2012 and 18 in 2013. This is a 37.2% decrease. For detached properties in Barrington , there were 190 homes in 2011, 148 in 2012 and 114 to choose from at any given time in 2013. This is a 23.4% decrease. Less homes means more inventory is moving.
The length of time on the market was almost a steady decline, but attached homes ticked up slightly in 2012. In 2011 the average time on the market for an attached home was 180 days, in 2012 it was 223, and in 2013 it dropped to 178, a 20.4% decrease. For detached properties, the time on the market in 2011 was 187 days, in 2012 it was 169 and in 2013 it dropped to 112, a 33.8% decrease. Another good sign of market strength, is faster selling homes.
Increase prices also supports a strengthening market. For attached single-family homes in Barrington the average price in 2011 was $155000, in 2012 it was $146,250 and in 2013 it was $147,000, a .5% increase. For detached homes the average price in 2011 was $448,500, in 2012 it was $376850, and in 2013 it popped up to $439,500, a 16.6% increase.
The overall inventory, measured in months of supply also steadily declined over the past 3 years. In 2011 for attached homes, there were 22.7 months supplies, in 2012 14.7 months and in 2013 just 5 months, a 66% decrease. For detached homes, there was a 12.7 month supply in 2011, an 8.8 month supply in 2012 and in 2013 just 5.4 months, a 38.8% decrease.
The only part of the report that remained steady was the number of listings taken, but in this case, that also is indicative of a strong market for sellers, because fewer inventories means higher prices. For attached homes, 2011 91 new listings were taken, in 2012 53 were taken and in 2013 57 were taken. This represents a 7.5% increase. For detached homes, in 2011 392 listings were taken, in 2012 there were 406 new homes put on the market and in 2013, 425 new listings were submitted. This is a 4.7% increase.
If trends continue, 2014 will be a great year for real estate in Barrington, Illinois. Call The John Herman team for all of your real estate needs.