South Barrington Real Estate Update for November 2007
Barrington Illinois Area Real Estate Reports
South Barrington Real Estate
Our November 2007 South Barrington real estate report shows some interesting numbers that highlight the importance of price and the relationship it has to how long homes are on the market and we'll explain that below.
It's important to know that the information compiled for this report is obtained from the MLS of Northern Illinois and is deemed reliable but not guaranteed. It may not include new construction in South Barrington that may have been listed for sale by a builder or seller not participating in the Multiple Listing Service.
In our Sale to list price percentages, we use the Original List Price before price reductions that the South Barrington home was listed for sale. We feel this is a more accurate reflection of true real estate trends. (Rule #1 in selling a home is pricing it right to begin with.) Ok, now to the good stuff.
For November of 2007, four South Barrington homes sold that ranged in price from a $599,000 South Barrington Greens home to a $1,499,900 South Barrington Lakes estate which resulted in an average sales price of $888,493. In comparison to November of 2006, only one South Barrington home sold for the price of $2,000,000 that was a waterfront South Barrington luxury estate in The Coves. Comparing apples to apples, the only fair comparison we can make here is that the amount of homes in South Barrington that sold increased in November of 2007.
The Days on market for South Barrington homes that sold in November ranged from 70 days to 342 days with an average of 177 days on the market.
The Sales price in Relationship to the Asking price for South Barrington Homes
The Sales to Original List price for the four South Barrington homes ranged from 87.5% to 73.7% with an overall average of 80.4%. This trend is a big suggestion that there is a lot of room for negotiating for South Barrington real estate. Of course, it is something that needs to be evaluated on a case by case scenario with negotiation strategies.
Not surprisingly, the South Barrington home that sold that was on the market for the longest at 342 days had a sales to original list price of only 73.7% which is an obvious indication it was overpriced to begin with.
This particular South Barrington home did not go into contract until the list price had been reduced from $1,425,000 to $1,099,000 which is a strong reason why we use a Sales price to Original List Price % to give South Barrington sellers or buyers the true picture of market conditions. Using a very common technique, the Sales to list price % would suggest a 96% sales to list price percentage. $1,025,000 divided by $1,099,000 = 96%. Obviously not a very reliable indicator to make a decision with except to point out the importance of pricing your home right to begin with. The opportunity and carrying costs for holding a property for almost 1 year was a small fortune.
The South Barrington home that was on the market for the second longest amount of time at 249 days had the second lowest Sales to Original List price of 80%.
The two statistics detailed above highlight the importance for South Barrington sellers of pricing their home right to begin with. For buyers, it certainly suggests not to be afraid to negotiate but many other factors need to be considered before you just run out and start low balling prices. In other words, don't do it unless you have the right negotiating tactics in place.
South Barrington Homes currently available for sale
There are currently 41 South Barrington homes listed for sale by Real Estate Companies that participate in the Multiple Listing service ranging in price from $599,850 to a $4,895,000 luxury South Barrington estate. You can view these South Barrington homes by clicking on our South Barrington real estate search.
For a detailed analysis for any of these South Barrington homes available for sale, please contact us.
Paul Francis, Broker, ABR,CRS | Suburban Village Realty | 117 Cook St. | Barrington IL 60010 | 847.337.9236
Related Links:
Date: Sunday, December, 16th 2007 @ 06:12:19 AMViews: 328
Be the First to Comment on this Post!.
