(PRWEB) March 08, 2013
There was a significant increase in the number of closed sales in for the year ending February 28, 2013 for Barrington homes, condos and townhomes. This number represents a 13% increase over the year ending February 28, 2011’s figure of 46 closed sales. However, there was decrease in the number of homes on the market, as the number of homes for sale dropped from 76 homes for the year ending February 29, 2012 to 57 homes for the year ending February 28, 2013. There was also a decrease of 36% in the month’s supply of inventory for South Barrington homes for sale. The month’s supply of inventory for the year ending February 28, 2013 was 11.5 homes which compared to the year ending February 29, 2012’s figure of 18 homes. The number of new listings on the market decreased for the third straight year, falling from 169 new listings for the year ending February 28, 2011 to 135 new listings for the year ending February 29, 2012 to finally 110 new listings for the year ending February 28, 2013. This represents a 18.5% decrease over last year’s figures. The median sales price for homes, townhomes and condos in South Barrington also decreased for the third year in a row. The median sales price fell from $762,500 for the year ending February 28, 2011 to $738,463 for the year ending February 29, 2012 to this year’s price of $728,750 for the year ending February 28, 2013. After an improvement last year of over 24%, the number of days homes stayed on the market increased slightly to 17% this year. The average market time for the year ending February 28, 2013 was 236 days, which represents an increase from the year ending February 29, 2012’s market time of 200 days. The fact that the number of closed sales remained stable despite seeing a decrease of 24% in the number of homes for sales is a good sign for the market. This steady number of closed sales may encourage more new listings and create a greater demand in the market.
Welcoming his 12th year of Real Estate experience, John Herman effectively turns buyers into owners, and closes listings successfully with Barrington Real Estate, Illinois. Clients are quickly referred to as guests in his home market, welcoming everyone to his performance standards uniquely separating him from the competition. Johns diligent work with clients earned him a 2011 Five Star Professional Award. As a daily hard working Realtor, John has made it in the top 7% of Real Estate agents granted this award. With his Masters Degree, John is also certified in Foreclosure and Short Sale transactions along with certification as an Accredited Home Buyer Representative. John and his team are localized experts with over 20 years of real estate experience within the beautiful area of Chicago. John Herman controls the necessary actions to position the right inspector, plumber, or resourceful help needed to close every deal properly.