The decrease in the number of homes for sale in the area also caused a decrease of 16.2% in the month’s supply of inventory for May 2013.
(PRWEB) June 09, 2013
There was an increase of 16.2% in the median sales price for homes, condos, and townhomes in South Barrington. The median sales price for homes sold in the area rose from $667,146 in May 2012 to $775,000 in May 2013. After seeing a large increase last year in the number of closed sales for home in the area, as the number rose from 1 closed sale in May 2011 to 9 closed sales in May 2012, this year’s figure declined by 55.6% this year as the number fell to 4 closed sales. The month also showed a decrease in the number of homes for sale for the third year in a row. The number of homes for sale in South Barrington fell from 96 homes for sale for the month of May 2011 to 60 homes for sale for the month of May 2012 to this month’s total of 46 homes for sale in May 2013. The month did show an increase of 70% in the number of new listings for home for sale in the area. The number of new listings rose from 10 new listings in May 2011 to 17 new listings in May 2013.
The decrease in the number of homes for sale in the area also caused a decrease of 16.2% in the month’s supply of inventory for May 2013. Actually, the month’s supply of inventory has fallen for the past three years as the number has dropped from 24 homes in the month of May 2011 to 11.3 homes in the month of May 2012 to 8.9 homes for the month of May 2013. The month showed a significant increase in the market time for homes, condos, and townhomes in South Barrington, as the number of days homes remained on the market rose from 161 days in May 2012 to 352 days in May 2013.
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.