July 2013 Barrington Area Market Report

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July 2013 Barrington Area Market Report

  1. 1. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington Helping home owners and home buyers become savvy consumers July 2013 Barrington-area median home price up 14.9%; sellers in command in lower price range Strong momentum continued in July for Barrington-area real estate as median sales price increased, market time fell and sold properties continued to outpace new market activity. MARKET SNAPSHOT  Median sales price rose 14.9% year over year  The number of closed sales rose 66.7% continuing the record pace this year  The below $345,000 price range reflects a strong seller’s market  The middle price range continues to favor buyers  The measures of Market Time and Percent of Original List Price improved significantly, reflecting the strong pace of activity Here is the story behind the headlines: MEDIAN SALE PRICE: The median sales price for homes in the Barrington area rose 14.9% year over year to $500,000, the highest price point since June 2011. However, the 12-month rolling average is still soft, showing the positive price movement is still in its early stages. The price gains are especially strong in the price ranges below $549,900. The $500,000 median sale price is the highest level since June 2011. MEDIAN SOLD PRICE IN BARRINGTON
  2. 2. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington Helping home owners and home buyers become savvy consumers CLOSED SALES: For the second month in a row, closed sales are hitting record territory. The number of closed sales during the month rose 66.7% year over year to 85 from 51 the prior July. This reflects a 5-year high of activity and 7 consecutive months of increases. There was strong activity in all price ranges. MARKET TIME: Market time – the number of days from listing to contract date — has fallen slightly to 143 days. This is a slight decline from the previous July and an 10% drop from June. Homes below $345,000 have seen dramatic reductions selling in 58 days. PERCENT ORIGINAL LIST PRICE: As market time decreased, Percent of Original List Price hovered around the same point as last month. In July sellers were capturing 93.8% of their original list price, up from 88.1% just one year ago and a 10-point jump in the last two years. Both these measures reflect sellers who are more realistic about the value of their property and buyers who are coping with a shrinking inventory. While there are seasonal highs and lows in sales, the number of closed sales this spring and summer has brought us into record territory. CLOSED SALES IN BARRINGTON
  3. 3. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington Helping home owners and home buyers become savvy consumers  UNDER CONTRACT: Properties under contract continued the positive momentum in Barrington real estate as 80 homes went under contract during the month, up 31.1% from 61 one year ago. The price range below $345,000 was especially strong with 34 or 42.5% of the total. BARRINGTON HOMES UNDER CONTRACT ANNUAL TREND Here is the trend of the 12-month rolling average of homes under contract. The momentum shows no signs of abatement. MARKET TIME IN BARRINGTON Homes priced below $345,000 have seen dramatic drops in market time in the last year.
  4. 4. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington Helping home owners and home buyers become savvy consumers  INVENTORY: Inventory for the total Barrington-area real estate market stands at 7.6 month’s supply, the fourth straight month of declines. As we’ve reported previously here is the standard definition of a buyers vs. a seller’s market: buyers are favored at 7+ months and homes continue to see downward pressure on pricing. At 5-6 months the market is “balanced” where both buyers and sellers have equal strength. Inventory at 4 months or less favors the home seller, as buyer’s scramble to purchase the few properties that are on the market. In this scenario home prices usually appreciate. Consider these huge differences in two different price ranges in the Barrington area: S E L L E R S PRICE RANGE $345,000 AND BELOW MONTH’S SUPPLY OF INVENTORY 4 mos. CLOSED SALES + 44% MEDIAN SALES PRICE + 23% MARKET TIME - 55% % ORIGINAL LIST PRICE + 6% NEW LISTINGS - 33% B U Y E R S PRICE RANGE $549,900 - $849,899 MONTH’S SUPPLY OF INVENTORY 9 mos. CLOSED SALES + 91% MEDIAN SALES PRICE - 6% MARKET TIME + 81% % ORIGINAL LIST PRICE + 6% NEW LISTINGS + 18% Questions about your next move in the housing market? Contact me to help plan out your strategy. I would love to help you become a savvy consumer.

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