Sales of single-family homes continued to spiral down in Barrington, amidst problems in the mortgage market and high prices that have left many people out of the market.
According to data from the Chicago Association of Realtors, a total of just 114 homes were sold around Barrington during the third quarter, down from 127 units sold during the same period in 2006, and 201 homes sold during the third quarter 2005.
The drop in sales led to a marked increase in the average turnover time for homes on the market in Barrington. If you’re selling your home in the area, it will now take you an average of 148 days to find a buyer, up from 92 days just a year ago.
Despite the decline in demand and rising inventory of unsold homes on the market, prices continued to increase around the neighborhood. The average sales price during the third quarter posted a 7 percent jump from the same period in 2006.
Buyers may end up getting in the market at its peak. If demand for Chicago Homes For Sale around Barrington doesn’t pick up in the short term, it would be difficult for prices to remain where they are or continue to increase.
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