The John Herman Team is pleased to report improved real estate trends in South Barrington, Illinois houses over the past year, compared with 2011 and 2012.
Sellers are jumping on board as there were 35.6% more new listings in 2013, compared with 2012. In 2013 there were 160 new listings added to inventory, while in 2012 there were 118 new listings, and in 2011 134. “This shows the best listing year in the past 3 years,” according to the John Herman team, “and this supports a growing market.”Other good news shows that homes were selling faster. In 2011 the average days on the market was 263, this dropped 23.9% in 2012 to 200 days, and then dropped again 24.3% in 2013 when the average time on the market was 152 days.
Prices have remained pretty steady over the past 3 years with the average price of a property in South Barrington $775000 in 2011, then a slight 5.8% drop to $730,000 in 2012, and then back to $775000 in 2013.
The overall inventory supply has also decreased over the past 3 years. In 2011 there was an average of 19 months of inventory that dropped 35.2% to 12.3 months in 2012, and dropped again 8.6% to 11.2 months in 2013.Number of homes sold has also steadily increased over the past 3 years. In 2011 there were 39 homes sold, then in 2012 a large increase of 61.5% shows that 63 homes sold, and in 2013 67 homes sold, a 6.3% increase.The number of homes to choose from was less each year since 2011. In 2011 there was an average of 82 homes to choose from at any given time. In 2012 that number dropped to 61 homes to choose from, a 25.7% decrease, and in 2013, there were just 55 homes to choose from as buyers considered their options. This supports less supply and higher demand, another sign of a strong market.
“Overall we are encouraged by the annual comparison figures for South Barrington, and hope for a strong 2014,” 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 was 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.
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 in South Barrington homes.
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.