Barrington, Illinois-area Real Estate continues strong showing; sales price up 8.3%

1. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers
June 2013
Barrington-area real estate continues
strong showing; sales price up 8.3%
Another strong showing for Barrington-area real estate during June 2013 as sales pricing rose, distressed
properties fell and homes went under contract at a record pace.
MARKET SNAPSHOT
 Median sales price rose 8.3% year over year
 The number of closed sales rose 47.6% to a five-year high
 More distressed homes went under contract or closed during June than the number of new distressed
listings
 Certain price ranges are now solidly in the category of a seller’s market
 The measures of Market Time and Percent of Original List Price rose significantly, signaling the strong
pace of activity
Here is the story behind the headlines:
MEDIAN SALE PRICE: The median sales price for homes in the Barrington area rose 8.3% year over year
to $397,500 from $367,000. However, the 12-month rolling average has not yet revealed strong trends; this
indicates that the positive movement under way is at its early stages. The price gains are especially strong in
the price range of $345,000 to $549,000.
While home sale price rose 8.3%
in June, continuing this spring’s
positive momentum, the trend
is still early.
MEDIAN SOLD PRICE
IN BARRINGTON

2. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers
CLOSED SALES: The number of closed sales during the month rose a whopping 47.6% year over year to 94
for the month of June. This reflects a 5-year high of activity and 6 consecutive months of increases. Sales one
year ago were 63 compared to last month’s mark of 93 (21 attached and 72 detached homes).
Here are the highlights for single family
Barrington-area homes closed in June:
 Median list price $400,000
 Median sale price $395,000
MARKET TIME: Market time – the number of days from listing to closed date — has fallen dramatically to
159 days. This is a 31% decline from 231 days in June 2012.
As market time decreased, Percent of Original List Price increased to 94% in the month. This is a large jump
from the 91.7% rate just one month ago and up from 87.3% a year ago. Both these measures – Market Time
and Percent Original List Price -- reflect the reality of shrinking inventory combined with growing pent-up
demand of buyers who put their plans on hold during the recession.
To prove that point we examined the real estate properties listed for sale during the month of June. An
amazing 23 homes went under contract that same month, with an average list price of $539,900 and, on
average, 7 days from listing to under contract. While this pace is a bit stressful for buyers it is a
welcome sign for sellers.
The last 12 months show
positive momentum in
Barrington as closed sales
continue strong full-year gains.
CLOSED SALES IN
BARRINGTON

3. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers

 UNDER CONTRACT: Properties under contract continued the positive momentum in Barrington real
estate as 88 homes went under contract during the month, up 76% from just 50 one year ago. Both
“Closed Sales” and “Under Contract” showed strength in all price ranges, property types (attached,
detached) and sales types (traditional, distressed) with one notable exception. Short sales fell significantly
during the month of June.
Both sellers and buyers have
become more realistic during
the past year and properties are
now selling for close to list price.
BARRINGTON
% ORIGINAL LIST
PRICE
MARKET TIME IN
BARRINGTON
Homes are moving from list to
close more quickly, especially in
the mid-range price bracket.

4. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers
 HOMES FOR SALE: The number of homes for sale continued to fall compared to one year ago. While
new listings were up 13% to 138 this is a decrease from the rate in May. This trend was evident in all price
ranges, property and sales types.
 INVENTORY: Inventory for the total Barrington-area real estate market stands at 7.4 month’s supply.
But this figure can be misleading. Attached homes in the $345,000 to $548,849 price range stands at a
mere 2.6 months and there is only a 4-month’s supply of detached homes listed less than $549,849.
Inventory is the measure based on the actual sales rate compared to the number of properties available for
sale.
BARRINGTON HOMES FOR SALE:
ANNUAL TREND
The decline in the number of homes for
sale is evident in all price ranges.

5. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers
THE BOTTOM LINE IN BARRINGTON REAL ESTATE
So you’ve studied the facts and understand the local market. What’s the bottom line?
 The number of available homes for sale continues to be
depleted, especially among distressed properties.
 Pricing is starting to rise in traditional sales of detached homes.
The percent of list price that buyers are willing to pay has steadily
increased.
 The number of closed sales and properties under contract
waiting to close was especially strong in June; there is no indication of
a slowdown.
 New properties that come on the market are often under
contract that same month.
 Home sellers are experiencing bidding wars for properly priced
homes. The average days it takes to sell a property has dropped and
sellers are receiving closer to (if not greater than) their list price.
RECOMMENDATIONS
For buyers, here are my recommendations:
 NO TIME LIKE THE PRESENT: If you’ve been waiting for the absolute bottom of the home price
declines, you’ve probably missed it. Experts expect pricing increases of an additional 3.5% for each of
the next five years.
 FINANCING IN ORDER: The 30-year mortgage rate is at the highest level in over a year, rising
significantly in the last month. The Mortgage Bankers Association, Fannie Mae and the National
Association of Realtors all predict that rates will continue to rise over the next 18 months. Be sure you
are pre-qualified for your financing
 STRATEGY: Map out your strategy with your REALTOR®. Besides sales price, negotiations often
center on other terms such as occupancy date, inspections and the strength of buyer financing.
 BE DECISIVE: Multiple offer situations are becoming commonplace when new listings appear. Be
prepared to move quickly; others will.

6. Prudential Visions Realty
Helping Home Owners & Home Buyers
Become Savvy Consumers
Prudential Visions Realty | Michael Kurowski| 847.806.8385 | 303 East Main Barrington
Helping home owners and home buyers become savvy consumers
For sellers I suggest the following:
 WHAT ARE YOU WAITING FOR? Inventory is at historic lows, financing rates are excellent and buyers
are motivated. It’s wise to list your home when your competition is sparse.
 NEGATIVE TO POSITIVE EQUITY: Home owners, who wish to sell, but found themselves in negative
equity situations (where the house is worth less than the remaining mortgage) in the last few years,
may see a turnaround. These home owners may be freed to sell as prices continue to rise and
distressed properties fade from an appraiser’s “comparable property” list. Be sure you are working with
a professional who is watching market conditions and can advise you on the best time to make your
move.
 BE REALISTIC: The real estate market has changed. Accept it. Your property is no exception. It
doesn’t matter what you paid; value is in the eyes of the buyer.
 BE SAVVY: Yes, final sale price is important but be sure to discuss with your agent other terms that are
vital to you. Close date, occupancy date, inspection, warranties all enter into the final equation.
Questions about your next move in the housing market?
Contact me to help plan out your strategy. I would love to help you become a savvy
consumer.