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!
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
Rare building site in Sunset Ridge Farms! Large lot with rolling topography and mature trees in established subdivision. Utilities to site, NO homeowner's association! Design your dream home and build it here. Charming covered bridge adds charact
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
Elegantly designed Modern Farm House on 5+ rolling/wooded acres. Only the finest materials & master craftsmanship will be used in this home. Incredible open floor plan & first floor master suite. Maintenance free Hardie board siding, hardwood floors
Build your dream home in Old Barrington Estates! Estate lot 6 set in cul-de-sac facing North stretching over 5+ acres offering water features, bridle paths & paddock fencing! This equestrian estate lot is surrounded by mature trees & is walking dista
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
This Amazing Oasis is surrounded by nature yet in the heart of Deer Park! This large corner unit town home has stunning curb appeal! The family room boasts dramatic cathedral ceilings, fireplace & tons of natural light. The homes wide open open flo
WOW! Upgraded END UNIT town home in highly sought after Deer Park shows like the pages of a magazine! LARGEST FLOOR PLAN in the subdivision features 3 bedrooms, an open loft & an office upstairs PLUS an additional first floor office. Main level feat
This end unit has 3 Bedrooms, 2.1 bathrooms in the Town Homes at Deer Park Estates. Lovely open floor plan with soaring 9 foot ceilings on first and second floors & a vaulted ceiling in living room. Cozy up to the wood burning fireplace with stone su
UPGRADED END UNIT townhome shows like a model! 2-story foyer/living area w/gas fireplace, dining room, breakfast nook & open concept kitchen w/42" maple cabinets, glass backsplash, granite countertops & SS appliances. Powder room w/ granite top vanit
Elegant features combined with an innovative floor plan makes this sophisticated DP-3 Model in Deer Park Estates one of a kind. Remarkably appointed in the back of a cul-de-sac while welcoming guests to a private entry with a 2-story foyer & open flo
Imagine the possibilities! Original owners have loved this home but now its time for a new family! Bring your decorating ideas to this well built home. Traditional floor plan with spacious rooms! Great flex space off of kitchen for an office or ?? M
Warm & Inviting, Gorgeous 2 story home with 3 car garage, situated in a highly desirable "Rue Vallee" subdivision of Deer Park! Truly one of a kind parcel with a fenced & professionally landscaped backyard, kitchen boasts freshwater aquarium, miter
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
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
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
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
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 tennis courts, sand volleyball, a gazebo and plus