This significant increase in sales price is likely to encourage more new listings on the market over the next year.
(PRWEB) March 06, 2013
There was a dramatic increase of over 58% in the median sales price for homes, condos and townhomes in South Barrington. The median sales price for February 2013 was $1,077,500, which is up significantly from February 2012’s figure of $680,000. There was, however, a decrease of 60% in the number of closed sales as the number fell from 5 closed sales last February to 2 closed sales for February 2013. The number of homes for sales fell for the third straight year declining from 85 homes in February 2011 to 60 homes for February 2012 to finally 45 homes in February 2013. The month’s supply of inventory of homes for sale in South Barrington also fell for the third straight year by decreasing from 18.2 homes in February 2011 to 12.9 homes in February 2012 and then falling by 25% to 9.6 homes in February 2013. While the number of new listings remained steady at 12 new listing for February 2011 and February 2012, there was a slight decrease to 8 new listings for February 2013. The average number of days homes remained on the market was 412 day for February 2013 which represents an increase over February 2012’s figure of 106 average days on the market. The nearly 60% increase in median sales price for homes, townhomes and condos in South Barrington shows improvement in the housing market for this area, and represents an upswing in the value of homes in South Barrington. This significant increase in sales price is likely to encourage more new listings on the market over the next year. In turn, this increase in new listings should generate a greater demand on the market and possibly push home values up even further.
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.