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Barrington Market Update from Mimi Noyes Burke

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Barrington Market Update:

March, 2015

We have come out of the February freeze and warmer days are ahead....
 
2014 was the year of excess inventory, as pent-up supply joined the MLS (note the surge in number of properties listed starting December 2013 through June 2014. January 2015 inventory spiked due to re-listed properties that had been taken off the market over the Holidays. Additional homes will come on the market during the next three months as the selling season begins.

The first two months of 2015 have been low performing due to snow and below normal freezing temperatures. The recent warm weather will bring buyers back to the marketplace....nationwide foot traffic indicates a strong Spring. May, June & July out-perform all other months in home sales followed by a dramatic reduction in August. Most buyers make their purchase decisions and move prior to the school year starting.  

For the past two years, Barrington sales have increased significantly; however, new inventory is a concern. Carry-over inventory to 2015 is approximately 833 homes versus 525 starting in January of 2014.
Foot Traffic Points to a Strong Spring 2015 - NAR has tracked foot traffic via data provided by the SentriLock, the provider of the lock boxes used by over one-third of the nations Realtors.  Foot traffic is used as a means to forecast housing activity in upcoming months.
 
Lastly, Spring cleaning, window washing, landscaping clean-up, plus potted flowers are all important jobs to complete if you are selling your home....read more
 
I would be happy to answer any questions about the market or marketing your home. 
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Barrington, IL 60010

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