Market Update, Real Estate

Real Estate Market Update | The Ups, Downs & Forecast for 2019

Real Estate Market Update | The Ups, Downs & Forecast for 2019

Move over, Polar Vortex! Be gone, -25 degrees! Local real estate sales are headed for a warmup with the spring market on the horizon. Barrington residents planning to sell their homes in 2019 have been making recommended preparations and we’ve also been busy helping soon-to-be home buyers monitor the market.

What do forecasters say the future of real estate looks like nationally in 2019? In a Forbes report, economists predict that this year overall home sales will decline, home price appreciation will slow to 3.0 percent, buyers will face less competition and we’ll see even more millennials in the marketplace.

National Association of Realtors (NAR’s) Chief Economist, Lawrence Yun is optimistic despite NAR’s recent report that existing home sales closed out 2018 on a low note in December, down -6.4 percent from the prior month and down -10.3 percent from December of 2017.

Yun cites several reasons for the December decline including higher mortgage interest rates, national home price gains and tax changes, which have become less favorable for homeownership. Last week, Yun summed up his current outlook in a headline which reads, “Dismal December shouldn’t carry over into 2019 home sales.”

“The outlook for 2019 looks quite good,” Yun says in a report for The Hill. “The Federal Reserve has changed its stance regarding monetary policy. Rather than four rate hikes in 2019, as was widely assumed to be the case just a few months ago, the Fed is likely to raise its short-term rate just once. This shift has quickly led to a measurable fall in the rate on 30-year, fixed-rate mortgages, from 5 percent in early December to 4.5 percent as of mid-January. As a result, the outlook for home sales improved.”

Yun says it also helps to see income rates on the rise. “For the first time in years, income gains of a projected 3.5 percent will outpace home price growth of around 2 percent. That is healthy and a turn toward better housing affordability.”

Here in the Barrington area, December home sales were up +2.0%, with the median single family home sales price at $520,000, down -2.4% from $533,000 in December of 2017.

Today in Barrington, there are about 520 active listings on the market plus 95 properties under contract. We’ll share January’s numbers for you after month’s end but we know that, as of right now, about two dozen homes have closed in Barringtonton since Jan 1 of 2019. Here’s a look at how that compares to trends historically. (If you’re reading on mobile, turn to side for full view of chart and hover or tap data points to see numbers per month.)

Of the properties sold in Barrington since January 1st, 2019, 18 of them are single family homes. The median sale price of all single family homes was was $612,000 with a minimum sold price of $230,000, a maximum sold price of $1,400,000 and an average market time of 180 days. Here’s a look at our median single family home prices historically.

We can all play a part in spreading the word about what makes Barrington a great place to live. Tell your friends elsewhere in Chicagoland to COME AND SEE all our community has to offer! Share your local lifestyle photos on social media with (hashtag) #365Barrington or #ChooseBarrington and we’ll add them to our daily collection at 365Barrington.com.

If you’re thinking about buying or selling a home today or down the road, give me a call/text at 847-691-3150 or email Liz@365Barrington.com. I’m a long-time local Realtor working hard to share the 365+ million reasons why Barrington is a great place to live. My license is with the @properties office on Northwest Highway and I know from experience that our community’s Realtors are among the very best in the business. We have many resources to share today that will give you an advantage when you’re ready for your next move and we’re always an email or a phone call away!

$989,000
25
ACRES
KANE
COUNTY
Tbd Algonquin Road Barrington Hills, IL 60010
Land For Sale
- Active

Welcome to your own paradise! 25+ bucolic acres(approx) and the best value in Barrington Hills! Beautiful property with nice high hilltop sites for your dream home or homes and at such a great price for such a large parcel!! Rolling open fields and m

Open House 10/26 at 12PM
$414,990
3
BED
3
TOTAL BATHS
1,966
SQFT
527 Pershing Lot #13.02 Court Barrington, IL 60010
Townhouse For Sale
- Active

Welcome to Brentwood! M/I Homes newest townhome community in Barrington! Step into the Burnham...This is the spacious bright open layout you have been searching for! First floor areas featuring hardwood floors, open kitchen w/huge walk in pantry, Mas

$455,990
3
BED
3
TOTAL BATHS
2,098
SQFT
540 Peterson Ct. Lot #5.04 Street Barrington, IL 60010
Townhouse For Sale
- Active

Welcome to Brentwood! M/I Homes newest townhome community in Barrington! A dramatic 2 story family room and a 1st floor master suite with a luxury bath that includes a seperate tub and shower are just a few of the impressive features of the Drake. Th

$10,454,400
40
ACRES
KANE
COUNTY
New Rt. 25 Road Barrington Hills, IL 60010
Land For Sale
- Active

Prime corner development site. Very High traffic counts, 2 traffic lights - Currently Located in North West corner of the Village of Barrington Hills. Prestigious clientele area that is combined in area of extreme growth and traffic counts. The Nort

$575,000
1.48
ACRES
COOK
COUNTY
3 Blossom Court South Barrington, IL 60010
Land For Sale
- Active

Come build your custom dream home along with the other multi-million dollar properties in the neighborhood of elegant estates of MAGNOLIA SUBDIVISION! Gated Community with stunning master planned landscaping. Fantastic Pond & Conservation Area, spect

$589,000
0.7
ACRES
COOK
COUNTY
21 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

$2,200,000
6
BED
9
TOTAL BATHS
12,707
SQFT
2 Blossom Court South Barrington, IL 60010
Single Family Home For Sale
- Active

Magnificent estate! Located in the prestigious gated community of Magnolia Pointe, nothing has been overlooked in this custom-built brick home with finished walkout lower level. The tone of the house is set beginning in the dazzling two story foyer w

$375,000
1.32
ACRES
COOK
COUNTY
6 Blossom Court South Barrington, IL 60010
Land For Sale
- Active

WOW! BEST VACANT LOT PRICE IN MAGNOLIA POINTE! LOT 13 - Build your "Dream Home!" 1.32 acre lot (EAST facing) in the exclusive Magnolia Pointe in South Barrington. This gated community consists of exceptionally designed homes with amenities such as

$1,999,000
2.7
ACRES
COOK
COUNTY
50 West Higgins Road South Barrington, IL 60010
Land For Sale
- Active

Approximately 2.7 Acres with frontage on Higgins and Bartlett Rd. Current income from cell tower. Combine with the neighboring property (MLS#09516056) to create 3.56 acre corner development. Commercial development must be approved by South Barrington

$3,120,000
6
BED
14
TOTAL BATHS
22,000
SQFT
17 Star Lane South Barrington, IL 60010
Single Family Home For Sale
- Active

Newly gated Magnolia Pointe! Rich Architecturally 22,000 Square feet of imported & custom finishes. Custom carved solid doors, 2-story foyer with fountain, Spiral staircase , special imported marble floors carry throughout the home. Intimate livin

$789,000
0.79
ACRES
COOK
COUNTY
210 West Higgins Road South Barrington, IL 60010
Land For Sale
- Active

$825,000
6
BED
6
TOTAL BATHS
7,700
SQFT
14 Pentwater Drive South Barrington, IL 60010
Single Family Home For Sale
- Active

South Barrington and so much space! This all brick 2 story home features 6 bedrooms / 5.1 baths and two kitchens! Two master bedrooms with one on main level for in-laws, guests or nanny suite! Home is in excellent condition and is looking forward

New Listing - 2 weeks online
$325,000
1.71
ACRES
COOK
COUNTY
1 Pentwater Drive South Barrington, IL 60010
Land For Sale
- Active

Plan and build your dream home in this large, waterfront 1.7 acre home site in The Ponds of South Barrington. Spectacular price enhances the opportunity to build your dream home amongst the existing gorgeous estates. Architectural blueprints availa

New Listing - 3 weeks online
$599,000
0.99
ACRES
COOK
COUNTY
5 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

Build your luxury custom home on this beautiful waterfront home site in the prestigious gated Village Enclave of South Barrington. This premier lot in a community of exclusive Estate Homes will accommodate the home of your dreams. Amenities include

$599,000
0.72
ACRES
COOK
COUNTY
14 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

$599,000
COOK
COUNTY
7 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

$1,250,000
15.03
ACRES
COOK
COUNTY
10 South Freeman Road South Barrington, IL 60010
Land For Sale
- Active

Pure ecstasy! This 15 acre parcel offers the most blissful views available in all of S. Barrington. Consisting of 4 pin #'s w/the ability to subdivide into 13, 1 acre parcels.Presenting a lightly wooded perimeter w/serene pond views and privacy that

New Listing - a week online
$849,000
5
BED
4
TOTAL BATHS
4,800
SQFT
9 Mohawk Drive South Barrington, IL 60010
Single Family Home For Sale
- Active

This Exquisite all brick home is set high on a magnificent WOODED LOT! New Roof and gutters! Main floor showcases a grand entrance with 2 story foyer, spacious floor plan, hardwood floors, beautiful fireplace with see-thru glass between living and fa

New Listing - 4 days online
$779,000
4
BED
4
TOTAL BATHS
3,381
SQFT
5 Mohawk Court South Barrington, IL 60010
Single Family Home For Sale
- New

As you enter the property from an elevated drive, in middle of a private cul-de-sac, leading to a 3-car heated garage, you will quickly realize that this is the house you always wanted! Completely renovated with hi-end finishers and materials import

$995,000
4
BED
4
TOTAL BATHS
6,294
SQFT
1 Cutters Run South Barrington, IL 60010
Single Family Home For Sale
- Active

A fabulous, lovingly cared for brick estate! Showcase property is filled with quality features, starting at the two-story foyer with bridal staircase & marble floor. The living room has a fireplace & curved wall of windows; the dining room features

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Barrington
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Luby Group Listings

$474,000
4
BED
4
TOTAL BATHS
4,389
SQFT
7 Lakeside Lane North Barrington, IL 60010
Single Family Home For Sale
- Active

Terrific opportunity to own water front property in sought after Wynstone community, with over 4,300 square feet of living space including a full finished walk out lower level! This home features an open floor plan with volume ceilings, floor to ceil

$475,000
4
BED
3
TOTAL BATHS
2,932
SQFT
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Lovely updated 4 bedroom ranch on lush interior lot in Deer Park! Great layout with many updates. Kitchen features hardwood floors, granite, island with breakfast bar, separate beverage refrigerator, and adjacent breakfast eating area. Terrific fa

$419,000
4
BED
3
TOTAL BATHS
2,550
SQFT
104 East Lake Shore Drive Tower Lakes, IL 60010
Single Family Home For Sale
- Active

WATERFRONT hillside ranch in sought after Tower Lakes Community, enjoy resort style living year round with 196' of lakefront! This fabulous 4 bedroom all brick home has been lovingly maintained, offering great space and a versatile floor plan. The ma

$600,000
4
BED
4
TOTAL BATHS
3,352
SQFT
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Beautifully designed contemporary with fabulous floor plan, this one of a kind home is open & bright with vaulted ceilings, skylights, & custom 2 story windows throughout. Updated kitchen made for entertaining features custom cabinets, granite, stain