Barrington IL Real Estate Market Update

February 2016

Existing Home Sales Report

Sales of existing homes in December made a noticeable comeback partly owing to delayed closings after the launch of the "Know Before You Owe" initiative. This pushed a portion of November's transactions into December, according to the National Association of Realtors® (NAR). Each of the nation's four major regions saw gains in December.

Total existing-home sales (comprising transactions for single-family homes, townhomes, condominiums and co-ops) grew 14.7 percent to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November. Following last month's uptick (the largest monthly increase ever recorded), sales now sit 7.7 percent above a year ago.

NAR's chief economist Lawrence Yun indicated that December's striking growth finished off the best year of existing sales (5.26 million) since 2006 (6.48 million). Yun noted, "While the carryover of November's delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015." NAR's economist added, "Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year."


Existing Home Sales By RegionHousing Data Takeaways

  • December's median existing-home price nationally (for all types of housing) was $224,100, a rise of 7.6 percent over December 2014 ($208,200). This represents the 46th straight month of year-over-year gains.
  • Total housing inventory by the end of  December fell 12.3 percent to 1.79 million existing homes available for sale, and are now 3.8 percent lower than a year ago. There is a 3.9-month supply of unsold inventory at the current sales velocity.
  • December's percentage of first-time buyers was 32 percent (matching the highest share since August), up from 30 percent in November and 29 percent a year ago.
  • Data from Freddie Mac shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage remained under 4 percent for a fifth straight month but grew in December to 3.96 from 3.94 percent in November. The average commitment rate for all of 2015 was 3.85 percent.
  • Distressed sales – foreclosures and short sales – fell to 8 percent in December, down from 9 percent in November and 11 percent a year ago.

The Best Homes Sell Fast!

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  1. Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
  2. Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
  3. Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.

Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.

Make Your Offer Count

With today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan. Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home. A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home.

Contact us today to get the right loan for your current needs! We can recommend proven lending professionals who can help you position yourself for your next home purchase.

 

Contact Information

Photo of Carol Best | Luxury and International Certified Real Estate
Carol Best | Luxury and International Certified
Jameson | Sotheby’s International Realty
Deerfield-Barrington-Bannockburn-Lake Forest-Glenc
North Shore & NW Suburbs IL 60015
Call or Text: 773-799-5939

                         


                        

           
All Information Deemed Reliable but Not Guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data, LLC. Real Estate listings held by brokerage firms other than Coldwell Banker Residential Brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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