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
Farm For Sale
- Active

25 acres(APPROX). 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 mature woods to enjoy and play. The large red barn just off the road has plenty

$455,990
3
BED
3
TOTAL BATHS
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 walk in shower are just a few of the impressive features of the Drake. This home features hardwood flooring in

$589,000
0.7
ACRES
COOK
COUNTY
Lot 7 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

Build your new home in the Village Enclave, South Barrington's Newest Premier Gated Maintenance Free Community! Experience a grand gated entrance as you take in the master panned seamless landscaping and water features. Home sizes range from 3000-6

Foreclosure
$949,900
5
BED
8
TOTAL BATHS
25 Star Lane South Barrington, IL 60010
Single Family Home For Sale
- Active

FANTASTIC OPPORTUNITY TO OWN THIS GORGEOUS ESTATE LOCATED IN EXCLUSIVE MAGNOLIA POINTE. THIS CUSTOM BUILDER'S HOME FEATURES LUXURIOUS AMENITIES THROUGHOUT. 4 FIREPLACES, 3 KITCHENS w/NEFF CABINETRY, GORGEOUS TWO STORY GRAND ENTRANCE AND LIVING ROOM,

$2,299,000
5
BED
6
TOTAL BATHS
20 Enclave Court South Barrington, IL 60010
Single Family Home For Sale
- Active

This magnificent French Estate is one of three amazing designs offered by Vintage Luxury Homes at the Village Enclave in South Barrington. Experience a grand gated entrance as you take in the master planned seamless landscaping and water features on

$2,200,000
6
BED
9
TOTAL BATHS
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

Price Change - 15 hours ago
$375,000
1.32
ACRES
COOK
COUNTY
6 Blossom Court South Barrington, IL 60010
Farm 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

$2,460,000
5
BED
8
TOTAL BATHS
6 Blossom Court South Barrington, IL 60010
Single Family Home For Sale
- Active

Build your "Dream Home" with Barrington's most established and well respected home builder, Harris Custom Builders. The "Porte Cochere" model features designer luxe finishers that will make your dream come alive. Exotic car enthusiasts rejoice as yo

$379,050
1.49
ACRES
COOK
COUNTY
18 Star Lane South Barrington, IL 60010
Land For Sale
- Active

LOT 11 - Build your dream home! 1.5 Acres of Land in the exclusive Magnolia Pointe in South Barrington. This gated community consists of exceptionally designed homes with amenities such as tennis courts, sand volleyball, a gazebo and plush landscapin

$2,350,000
5
BED
6
TOTAL BATHS
18 Star Lane South Barrington, IL 60010
Single Family Home For Sale
- Active

Build your "Dream Home" with Barrington's most established and respected home builder, Harris Custom Builders. The "Stone Manor Estate" Model features exquisite luxury finishes of Old World elegance. You don't have to step back into time to see your

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

$875,000
5
BED
6
TOTAL BATHS
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

$349,000
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

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

Build your new dream home in the Village Enclave, South Barrington's Newest Premier Gated, Maintenance Free Community! Experience a grand gated entrance as you take in the master planned seamless landscaping and water features. Home sizes range fro

$2,099,000
5
BED
7
TOTAL BATHS
15 Enclave Court South Barrington, IL 60010
Single Family Home For Sale
- Active

This sophisticated English Country Estate is one of three amazing home designs offered by Vintage Luxury Builders at the Village Enclave in South Barrington. Experience a grand gated entrance as you take in the master planned seamless landscaping an

$2,599,000
5
BED
7
TOTAL BATHS
3 Enclave Court South Barrington, IL 60010
Single Family Home For Sale
- Active

NEW CONSTRUCTION and Model Home, Custom Country French estate by Vintage Luxury Homes on a waterfront lot in the prestigious gated community of Village Enclave of South Barrington, 4 en-suite bedrooms, 7,813 SF (including lower level), impeccable cra

$599,000
COOK
COUNTY
Lot 3 Enclave Court South Barrington, IL 60010
Land For Sale
- Active

Build the home of your dreams in the Village Enclave, South Barrington's Newest Premier Gated Community! Experience a grand gated entrance in this maintenance free subdivision with a stunning master planned landscaping design complete with water feat

$1,250,000
15.03
ACRES
COOK
COUNTY
10 S 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

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Barrington
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