The John Herman Team is pleased to report a measured improvement in the real estate pulse in North Barrington, Illinois homes over the past year, compared with 2011 and 2012.
There have been increases in price and sales, decreases in times on market and overall the health of the market continues to improve, according to the John Herman team. Number of detached single-family homes sold has increased steadily from 2011 through 2013. There were 45 homes sold in 2011, 50 in 2012, and 62 in 2013, for a 24% increase over last year.
At the same time, the number of homes available has steadily decreased with an average of 77 on the market in 2011, 66 on the market in 2012 and 49 on the market in 2013. This is 25.8% less homes on the market per average over last year. Days on the market for 2013 was down from 2012, but up from 2011. In 2011 the average days on the market was 288, it popped up to 401 in 2012, but dropped slightly to 383 in 2013. This is a 4.4% decrease in time on the market.
Prices of homes improved some as well from 2012 to 2013. In 2012 the average home price was $541,250, while in 2013 it was $560,000, a 3.5% increase. In 2011 the average price was $624,999.Another sign of a brisk market is the inventory as measured by months of supply. In 2011 there was a 20.7 month supply of homes in North Barrington. In 2012 there was a 16.7 month supply and in 2013 that figure plummeted to a 9.9 month supply, a 41.1% decrease.
There were 113 new listings taken in North Barrington houses in 2013, while 94 new properties were listed in 2912, and 121 in 2011. This is a 20.2% increase from 2012 to 2013.The movement of attached single-family homes was stagnant in 2013 with no report of any sold or listed.