The increase in closed sales for the year ending January 31, 2013 is a good sign that the housing market may be starting to turn around.
(PRWEB) February 27, 2013
There was an increase of 6.3% in the number of closed sales of detached homes, condos, and townhomes in North Barrington. The total number of closed sales increased from 48 homes for year ending January 31, 2012 to 51 homes for year ending January 31, 2013. This is encouraging news, especially since the number of detached homes for sale decreased for the third straight year.
The number of homes for sale dropped from 91 homes for year ending January 31, 2011 to 76 homes for year ending January 31, 2012 to 61 homes for year ending January 31, 2013. The monthly supply of inventory of homes, townhomes and condos in North Barrington also decreased this year by 23.7%. There was an 18.5% decrease in the number of new listings for detached homes, as the number dropped from 119 new listings two years ago to 97 new listings over the past year. There was only one new listing for attached homes in the area and this home did not sell at the close of the month.
The number of days detached homes for sale in North Barrington stayed on the market increased by more than 44% for the year ending January 31, 2013. Although this is a significant increase, it is important to note that this year’s figure of 420 days on the market is still lower than January 31, 2011’s statistic of 429 days on the market.
There was also a slight decrease in the median sales price as it decreased from $632,000 for year ending January 31, 2012 to $532,500 for year ending January 31, 2013. The increase in closed sales for the year ending January 31, 2013 is a good sign that the housing market may be starting to turn around. This upswing could encourage more new listings and build a greater demand on the market which will increase the median sales price.
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. John's 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.