Barrington was one of several markets hit by a strong downturn in sales of single-family homes during the first quarter.
According to data from the Chicago Association of Realtors, a total of just 44 single-family homes have been sold during the first quarter, down from 80 units sold during the same period in 2007. It was the second straight year of declining sales during the first quarter.
As demand for condos plummets in the neighborhood, homeowners are facing one of the longest turnover times in recent memory. If you’re selling your home in Barrington, it will now take you an average of 223 days to find a buyer, the first time that the average turnover time has broken through the 200-day barrier in more than 16 years.
However, there is a bright spot for homeowners in Barrington. The average sales price rose by 22 percent during the first quarter. Whether the market will be able to maintain the rise in prices remains to be seen. However, if demand doesn’t increase in the short term, many sellers may be forced to offer a lower price to attract more interest in Chicago Homes For Sale in Barrington.
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