We’re going to be taking a regular look at topics related to homes, gardens and the real estate market in Barrington on Thursdays in our new House Talk series here at 365Barrington.com. For this week, I thought you might appreciate a snapshot of how the real estate market is faring so far this year in zip code 60010.
I should add here that I’m a Realtor and have been selling homes in Chicago, the Northwest Suburbs and Barrington for going-on ten years so I have access to many tools which are helpful in analyzing the state of the real estate market on a local level.
For starters, I want to show you a look at our January, 2013 market statistics for zip code 60010.
You’re Gonna Love This…
When it comes to our market recovery here in Barrington, this graph paints a promising picture.
Why? Because the number of homes for sale in Barrington this January (of 2013) was down to 404. That compares to 591 homes for sale in January of 2012 and 703 homes for sale in January of 2011.
The good news for current Barrington homeowners is that, as the supply of homes for sale in the Barrington area decreases, there are fewer properties for buyers to choose from. So the strong “Buyers’ Market” we’ve seen in recent years is starting to shift. This increased buyer demand will set the stage for an ultimate increase in property values in Barrington, should this trend continue.
Just for fun, let’s quickly take a look at the number of single family homes that went under contract in January of 2013, compared to January of 2012 and 2011.
63 single family homes went under contract in January of 2013, compared to 41 under contract in January of 2012 and only 29 under contract in January of 2011. Now that outta put a little wind back into our patio umbrellas!
OK, so now let’s peek at the trend for the median sales price of single family homes in Barrington.
And it Gets Even Better…
In January of 2013, the median sales price of a single family home in Barington was about $493,000. That’s almost a 30% increase compared to the median sales prices of $385,000 in 2012 and about $350,000 in 2011.
So these numbers (which I pulled from our local MLS, Midwest Real Estate Data, LLC) don’t lie. And let’s face it. Even if your home has NOT been for sale in recent years, decreasing property values have been a major thorn. Speaking as someone who bought a Barrington home in 2008 before prices hit rock bottom, I’d say this new trend is reason to CELEBRATE!
So what does this all mean for Barrington homeowners today?
With fewer properties on the market and more buyers competing for the homes that ARE available, it’s an indication that the pace of properties selling in Barrington is picking up speed.
And there’s nothing like a little Kool & The Gang groove as we consider how the local picture relates to what National Association of Realtors Chief Economist, Lawrence Yun, says is happening nationwide.
“Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years.”
If you’re looking to buy a home in the Barrington area or if you just like looking, you can CLICK HERE to search all properties for sale.
And here’s a brand new property for sale offering vintage character in the Village of Barrington.
We recently listed this 3 bedroom, 1-and-a-half bath historical Queen Anne property that dates back to 1862. Restored with charm, this home features original windows, walnut millwork, plaster walls, pine floors and a turret. A turret? Yes, a turret!
This property is priced at $425,000. You’ll find the full listing details and more photos below, but if you have any questions or if you’d like to take a look inside, give me a call at 847-691-3150. I’d be happy to make arrangements and I’m always eager to talk about real estate in Barrington.
If you have any topics you’d like to discuss related to homes, gardens or real estate in Barrington, we’d love to hear from you. We hope our new House Talk series will be a dialogue, of sorts, so please feel free to drop us a line via this form.
Ask a question or share a comment and we’ll bring others into the conversation who are exerts when it comes to our biggest asset, our homes, right here in Barrington.
And here’s a closer look inside our new listing at 118 Raymond Avenue in Lake Barrington…[idx-listing mlsnumber=”08254326″ showpricehistory=”true” showschools=”true” showlocation=”true”]