Barrington IL Real Estate Sales
Barrington Illinois Area Real Estate Reports
The following table shows the averages for Barrington real estate that has sold in the past six months for Area 10. (Barrington Village, North Barrington, South Barrington, Barrington Hills Real Estate, Deer Park, Lake Barrington, Tower Lakes, Portions of Inverness, and Port Barrington and includes condominiums.)
| 6 Months Statistics for Entire Area (10) | Total Properties: 149 | ||||||||||||||||||||||||||||
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A total of 149 properties have sold in the past six months in the Barrington area. The list price shown is the Final Listing Price. This is important to keep in mind, especially if you read the more thorough Barrington IL Real Estate Market report that we performed for March of 2007.
Sold properties closed averaged 95.75% of their Final List Price (FLP).
This reflects a 4.25% difference between property sale prices and their FLP's.
In other words, the list price shown above is the Final List Price before the Barrington area real estate went into contract. There are several instances where the Original list price was much higher and the Barrington real estate was reduced in price before selling. In fact, too many instances in our opinion.
The table above does not reflect the Original List Price (OLP) and we can tell you from our statistics the difference is much higher for Barrington IL real estate and that's because of Barrington real estate priced too high to begin with. Notice the difference between "market time" and Barrington area List Market Time. This is the telltale sign of Barrington real estate priced too high to begin with when there is almost a 100 day difference! (The highest sale in the Barrington area had a 301 day difference!)
The average price of Barrington IL real estate as shown above for Homes and condominiums is $683,013. Notice the $183,700 sale that was on the market for one day. This did have some effect on the average sales prices, even though not that much since this is a total of the 149 properties that have closed escrow in the past six months in the Barrington area.
The important factor here to consider is to price your Barrington real estate properly to begin with. If you price it within 5% of the Barrington area value for your home, it will sell. We see it much too often: Barrington Homes priced too high to begin with which results in multiple price drops and longer Days on the Market.
When listing your Barrington real estate for sale, you should receive a full market report for your specific area (neighborhood when possible) and Barrington area village that you are in. In the current market, pricing it too high to begin with actually could result in a lower sales price and there are several reasons for this.
For Barrington Real Estate Buyers - If you are looking to buy Barrington real estate, the table and analysis above should certainly tell you to use a Barrington real estate agent that is not representing the seller. If they are listing the property too high to begin with, that certainly is an indication that you may not get the best price or even the Barrington market price. You don't want to pay too much, do you?
For Barrington Real Estate Sellers - No Barrington real estate company or Barrington real estate agent controls the market - Buyers control the market so if you get a Barrington home value report with a suggestion from a Real Estate agent that they can sell it for more then the market value, seller beware because you may be in for a long ride.
Date: Sunday, June, 17th 2007 @ 10:53:12 AMViews: 340
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