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Barrington Market Update from Mimi Noyes Burke

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Barrington Market Update:

Year-to-Date

Chart below refers to detached homes only in the Barrington area; please enable images or view email in your browser if you cannot see the charts below.
The Barrington sales are steady compared to 2014, however not as strong as the MLS in general. The average price for homes that sold year-to-date in the MLS is up by 5.76%, while the average price of a home that sold in Barrington is DOWN by 4.8%. By no means does that mean that the average home in Barrington is worth less than last year. What it really means is that buyers are purchasing homes that are less expensive. 

It comes down to a simple fact -- there is limited demand for higher priced homes and therefore, they are taking much longer to sell. Below is a comparison of market saturation time for specific price ranges. Market saturation is the number of months that it would take to sell the existing inventory based on sales for the previous 12 months.
For those of us who are curious about the North Shore & Hinsdale activity (past 12 months):
Please let me know if I can answer any further questions -- as always, I am here to help!
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