Barrington Area Housing Report - November 2013

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Barrington Area Housing Report - November 2013

  1. 1. Barrington-area Housing Market Report November 2013 As winter weather blows in, national headlines portend a freeze up in the housing market as key indicators in some parts of the country stall. However, the Barrington-area real estate market still indicates buyers are out in force and sellers have wrestled control in some pricing ranges. Median sale price jumped to the highest level in 30 months as market time and inventory levels continue to fall. Prudential Visions Realty Michael Kurowski 847.806.8385
  2. 2. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers November 2013 Barrington housing market continues robust performance as national real estate markets soften As winter weather blows in, national headlines portend a freeze up in the housing market as key indicators in some parts of the country stall. However, the Barrington-area real estate market still indicates buyers are out in force and sellers have wrestled control in some home price ranges. Median sale price jumped to the highest level in 30 months as market time and inventory levels continue to fall. MARKET SNAPSHOT  Median sales price rose 17.7% to $515,000, the highest level since May 2011  Market time declined year-over-year to 178 days, from 257 days one year ago  Overall volume of sold properties rose vs. 2012, though closed sales have ticked slightly downward since mid-year  Properties under contract in November indicate that sales volume in December also will be healthy  Inventory has again fallen to 7.1 month’s supply Here is the story behind the headlines: MEDIAN SALE PRICE: The median sales price for homes in the Barrington area rose 17.7% to $515,000 from $437,500 one year ago. Examining the 12-month rolling average, the Barrington housing market has shown steady increases every month since this past spring. Attached housing (condos, town homes, row houses, etc.) rose to $200,625 while the median price for detached homes was $560,000. MEDIAN SOLD PRICE IN BARRINGTON The 12-month rolling average shows the steady uptick in home prices in Barrington since this past spring. Prudential Visions Realty | Michael Kurowski | 847.806.8385 | Michael@KurowskiResidential.com Helping home owners and home buyers become savvy consumers
  3. 3. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers CLOSED SALES: Closed sales also are up in a year-over-year comparison from 44 in November 2012 to 51 this November. This has been steadily moving downward since the market activity peak this June. Are sellers moving home prices up in response to thinning inventory? No, the average list price is down year-over-year and has decreased three mnonths in a row. However, inventory continues to shrink and some buyers are not finding what they want in a house and have yet to close the deal. Distressed properties have also virtually disappeared from the headlines. Of the 51 homes sold, 46 were traditional sales, 3 foreclosures and 2 short sales. CLOSED SALES IN BARRINGTON October housing sales show robust gains as buyers stay active in the Barrington-area housing market. MARKET TIME: Market time – the number of days from listing to contract date — has decreased yet again in year-over-year comparison to 178 days from 257 days one year ago. However, the market time has increased during the last two months. The fastest selling categories are: Attached housing below $345,000 91 days Attached housing $345,000-$550,000 12 days Detached housing below $345,000 37 days Short sales 10 days  UNDER CONTRACT: One of the most telling indicators of the strength of the Barrington real estate market is in properties under contract. In November this category increased by 58.8% and shows doubledigit year-over-year increases in all price ranges. With 51 closed sales in November and another 54 properties coming under contract, we expect December sales results to be strong to close out the year. Prudential Visions Realty | Michael Kurowski | 847.806.8385 | Michael@KurowskiResidential.com Helping home owners and home buyers become savvy consumers
  4. 4. Prudential Visions Realty Helping Home Owners & Home Buyers Become Savvy Consumers  HOMES FOR SALE: There were 430 properties on the market in Barrington as of November 30th, a decrease of 2.1%. The largest change came in attached housing which declined to 46 while detached housing has remained steady. BARRINGTON HOMES FOR SALE The lower price end of the Barrington housing market is shrinking while sellers have been bullish at the higher price range.  NEW HOME LISTINGS: There were 48 homes listed for sale in November, virtually the same level as one year earlier. However, that number is about a third of the new home listings witnessed in April, the peak of the listing season. The November activity there were 15% more listings in the higher price range than one year earlier,while thelower price range was down 77%.  INVENTORY: Inventory for the total Barrington-area real estate market stands at 7.1 month’s supply. The active buyers in the marketplace have continued to deplete inventory, which had leveled out for a few months and now has taken another pronounced dip, down from 8+ months from February through October. The high number of properties under contract and the downtrend in new listings only portends a decrease in inventory over the next few months. Prudential Visions Realty | Michael Kurowski | 847.806.8385 | Michael@KurowskiResidential.com Helping home owners and home buyers become savvy consumers

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