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Barrington Market Review from Mimi Noyes Burke

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Barrington 2014 Market Review

Last year, 539 homes sold in the Barrington Area (down 6.5% from 2013). Average Sale Price is up 4.5% slightly to $575,000. Prices have held steady for the past six years in Barrington since the crash, although Average Market time is back to pre-recession timeframe.

Barrington Sales Report
2002 - 2014

2015 shows promise, although sales will most likely be comparable to 2014. Carryover inventory from 2013 was 524 homes, while 823 homes have carried over from 2014 to 2015, a significant increase to absorb for the coming year.

Interest rates are holding at historic lows and Spring activity is just around the corner. The highest number of closings occur from March to July, keep in mind these homes go under contract 45-60 days ahead. Pricing, updates, and condition take priority for buyers shopping for homes in 2015.

This past week I negotiated three contracts on my listings...very encouraging start for the year.

 

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Barrington, IL 60010

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