Barrington Il Real Estate Market Report for March 2007
Barrington Illinois Area Real Estate Reports
The average selling price for a detached home in the Barrington Area (area 10 in the Multiple Listing Service (MLS) of Northern Illinois increased 4.68% in March of 2007 compared to March of 2006.
For March of 2006, the average selling price for the 45 detached Barrington homes that closed escrow was $638,163. In March of 2007, 34 Barrington area homes closed escrow at an average price of $668,020 which resulted in a 4.68% increase in the average selling price. Characteristics of the homes pretty much remained the same with the average number of rooms for a home that sold in March of 2006 averaging 10 rooms with 4 bedrooms and for homes that closed escrow in March of 2007, the average was 9 rooms with 4 bedrooms.
Keep in mind this is for detached homes in the Barrington area and includes a pretty large area including South Barrington, North Barrington, Barrington Hills and of course "The Village". The most expensive sale for March of 2007 was $1,200,000 and in March of 2006 the highest priced Barrington home that closed escrow was $1,600,000.
As mentioned, in March of 2006, 45 detached homes closed escrow and in March of 2007, 34 homes closed escrow which equals a 32.35% percent decline in sales.
The average days on market for March of 2006 for closed homes was 149 days and for March of 2007, the average market time for detached Barrington homes that sold was 183 days.
The two lowest List price to Sales Price ratios for March of 2007 were at 68.66% for a home that was on the market for 333 days and one that had a List to Sales Price ratio of only 71.59% that was on the market for 337 days. The third lowest list to sales price percentage was a home that was listed on the market for 317 days and had a list to sales price ratio of only 75.17%.
This signifies the importance of pricing a home properly to begin with.... unless of course a home seller really is not serious about selling and has over 300 days to wait for their home to sell which as the evidence above suggests, the seller will receive less then 75% of their original asking price.
The highest list price to sales price ratio for March of 2007 was a Barrington home where the sellers received 98.98% of their asking price within 25 days of their home being put up for sale.
This report is a summary of a full Barrington Market Anlysis performed for March of 2007 by Paul Francis, Broker, ABR,CRS of Suburban Village Realty.
If you would like a more detailed analysis of a specific segment within the Barrington area, please contact Paul Francis directly @ (847) 337-9236.
Paul Francis, Broker, ABR,CRS | Suburban Village Realty | 1627 Colonial Parkway | Inverness, IL 60067 | 847.337.9236
Date: Friday, April, 20th 2007 @ 06:41:40 AMViews: 399
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