The John Herman Team is pleased to report a measured improvement in the real estate pulse in Port Barrington, Illinois properties over the past year, compared with 2011 and 2012.
More homes sold for more money over the past year than the year before, according to the John Herman team. In 2011 there were 22 homes sold in Port Barrington. In 2012 there were 16 and in 2013 that number spiked to 26, a 62.5% increase in homes sold over the previous year.Even better news is that they were selling more quickly than in the previous year. In 2011 the average days on the market were 245 that fell to 198 in 2012 and just 157 in 2013. That’s a 20.9% decrease in time on the market. There were fewer homes to choose from in 2013 than the previous two years at any given time. In 2010 there was an average of 22 homes on the market, in 2012 19, and in 2013 just 15 to choose from. This is a 21.6% decrease in Port Barrington houses.
More light is shed on this statistic by looking at the number of new listings. In 2011 there were 52 new listings, in 2012 42, and in 2013 23.8% more homes were listed at 52. This means even though there were more homes listed, there were fewer to choose from at any given time (as reported above), which is because they are selling faster. Not surprisingly this number also affects the overall supply of inventory. In 2011 there was an average of 11.5 months supply of inventory. In 2012 the supply was 10.3 months and in 2013, if no other homes were to come on the market, the inventory would be depleted in 6.3 months. That is a 39% decrease in inventory supply.
And finally, the brightest piece of news for sellers is that homes were selling for more money in 2013 over 2012. In 2012 the average price of a single family detached home in Port Barrington was $182,250 down 10.1% from $202,699 in 2011). In 2013 the average price was $212,578, a 16.6% increase in price.