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Real Estate | Barrington Area Market Update – February, 2018

Real Estate | Barrington Area Market Update – February, 2018

Home Real Estate | Barrington Area Market Update – February, 2018

Interested in learning more about Barrington real estate? Stay tuned for the latest market news, updates, homes for sale & upcoming open house lists right here at 365Barrington.com. In the Barrington area there are 494 homes currently on the market, of which 442 are detached, single-family properties. An additional 97 properties are currently under contract (as of 2.21.2018) with a median list price of $440,000 and average list price of $589,998. The highest priced property in the area is a Barrington Hills listing priced at $14,888,000. The lowest priced property for sale is listed at $125,000. Here’s a look at the newest listings to hit the market in Barrington…

Looking back at the month of January, 2018 in Barrington, there are three key trends compared to January of 2017 indicating that inventory is down in our market, with fewer options for sellers searching for homes today.

Real Estate Market Trends

  • The quantity of new listings to come on the market was down -2.9% from January of 2017.
  • The number of closed sales in January, 2018 was down -14.0% from January of 2017.
  • The inventory of Homes for Sale at the end of January, 2018 was down -8.7% from January, 2017.
MIDWEST REAL ESTATE DATA LLC

 

Real Estate Supply & Demand

Fewer homes for sale in the Barrington area leads to a lower “absorption rate”, which is the amount of time that it would take for the current supply of homes on the market to sell. As a rule of thumb, a 6-month supply of housing inventory is considered a balanced market. It is a buyer’s market when there is more than a 6-month supply of inventory and a seller’s market when there is less than a 6-month supply.

When comparing “The Barringtons”, you can see in the chart below that The Village of Barrington had the lowest absorption rate at 4.9 months supply of inventory in January, 2018. North Barrington had 9.4 months supply of homes for sale, South Barrington had 9.6 months supply and Barrington Hills had a 20.8 month’s supply as of January, 2018. (Turn phone to side for full mobile view of chart.)

We’ll continue to track and share these numbers in the months ahead to help you stay on top of local trends in real estate. Interested in exploring the market by visiting available properties? Here’s a look at upcoming open houses in the Barrington area.

Do you have specific questions about Barrington real estate, homes for sale or property values in your neighborhood? Would you like to know more details about how things look in the different villages that make up zip code 60010? Email RealEstate@365Barrington.com or fill out the form below and we’ll follow up with more information within 24 hours.

In the meantime, stay tuned for more local real estate market updates here at 365Barrington.com, published since 2010 by local REALTOR, Liz Luby of The Luby Group with @properties.

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Luby Group Listings

$515,000
4
BED
4
TOTAL BATHS
3,631
SQFT
744 Oak Road Barrington, IL 60010
Single Family Home For Sale
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Lovely New England Classic in a prime cul-de-sac location at the end of Oak Road has curb appeal, character and charm. This home is light filled and offers a first floor master suite, complete with a gas fireplace and updated master bath. Well equi

$519,000
3
BED
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540 South Cook Street Barrington, IL 60010
Single Family Home For Sale
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Barrington Village living at its best! Steps to downtown restaurants, shops & schools, this historic home has been completely updated. Enjoy views of Cook Street from the porch swing or visit with friends on the large front wrap-around porch, welcomi

$825,000
6
BED
7
TOTAL BATHS
6,946
SQFT
55 Stratham Circle North Barrington, IL 60010
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Absolutely stunning! Completely remodeled home, truly a great value with over 6900 square feet of finished living space. Volume entry leads to dramatic two story family room with Birger Juell hardwood floors, abundant windows & light, custom beams &

$689,000
5
BED
4
TOTAL BATHS
3,629
SQFT
1 Burning Oak Trail Barrington, IL 60010
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Stunning home on 2.2 acre wooded lot with private pond and creek! Gleaming hardwood flooring throughout most of first floor. Gourmet kitchen with center island and adjacent hearth room with cozy fireplace are the hub of every day living. Great room f