Lake Barrington, IL

Lake Barrington Real Estate - Property Sales 2011

Lake Barrington Shores makes up a large amount of the housing in Lake Barrington, but there is more. Lake Barrington real estate includes about 900 single family homes most of which are located on 1 to 2 acre lots.

Before we look at sales of Lake Barrington real estate in 2011 it's interesting to look at new construction here. A few years ago two new larger subdivisions were created, Tallgrass and The Enclave of Heritage Estates. Another small one Walnut Grove also started. All three came to a grinding halt when the market fell and have yet to show any signs of life.

New construction permits were in double digits until 2002, then they dropped to a slower rate of about 4 or 5 a year. 2008 and 2009 had one apiece and 2010 saw two new homes built. So while there is space in Lake Barrington real estate for new homes, it appears not to be on anyone's immediate agenda.

Now back to the activity in Lake Barrington real estate in 2011

Total sales of single family homes in 2011 amounted to 24 homes with sales prices from $304,000 to $875,000. Sales for Lake Barrington real estate were on average 93% of the asking price. That's good for sellers, but I have to say price reductions were still needed to get that sale. Sales price to the original list price was low at 84%. I hope this coming year will see a little more stability in Lake Barrington real estate, I too am a property owner here. I also hope sellers will list at the right price range for their home at the very start.

Lake Barrington real estate contracts for sale took on average 318 days in 2011.

Four bedroom homes were the most popular, followed by five bedroom homes, then 3 bedroom homes. Lake Barrington real estate has a lot of subdivisions that are under 20 years in age. So although new construction is not yet available, buyers can consider homes in Savannah, Heritage Estates, Kelsey Farms, Estates at Lake Barrington, Brookside and others to find homes in great condition with little need for upgrades.

Lake Barrington real estate offers many 21 single family homes and 56 town homes and condos for sale. View many at our property search.

I recently wrote a post about there being more to Lake Barrington than Lake Barrington Shores. So hot on the heels of that it seems the perfect time to look at the Lake Barrington real estate market excluding Lake Barrington Shores. (I write quarterly reports about the LBS market if you want that data.)

Lake Barrington is a small village and as 1317 of the 2039 housing units are in LBS, it stands to reason that Lake Barrington real estate does not account for many sales on a year by year basis. Based on the statistics I pull from our MLS there are currently only 23 single family homes for sale in Lake Barrington. Another 3 homes are under contract and in the last 12 months Nov 11 2010 to Nov 11 2011 there have been 25 sales. So it looks as if we are on track to sell about the same amount this year as last.

With limited sales per year for an area it's better that I compare by year rather than by month, otherwise the data can be too random to make any sense. Lets look at two data points, probably that many Lake Barrington real estate owners would like to know.

1. What's the average marketing time?
2. What's the list to sales price ratio, again average.

I wish I had better news on the average marketing times. 11 months is a long time to wait for a sale if you are in the market to sell a Lake Barrington home.

What can you do to beat these odds?

Pricing is always important in a buyers market but there are other things that might help. Jazz up your curb appeal especially over the winter months. Be honest, take a walk around your home with a critical eye. There might some some simple fixes you can do to help. Granted it might cost a few hundred or a one to two thousand to resolve things like dated wall paper, or an old bathroom, but it might secure you a faster sale so you can move on to your next home. A great time to get started if you want to sell in 2012, is right now. Let me know if I can help identify your homes weak points. Buyers today can afford to be picky.

Call Corinne 847-363-3686 or email

Lake Barrington Real Estate Has Lots to Offer

Sometimes I have to chuckle to myself and today was one of those days. I have just helped some buyers make a succesful offer on an Arlington Heights home and the Realtor and I were working out logistics of delivering paperwork and checks. Sometimes it's easier for us to go to an agents home rather than an office but when I told her I lived in Lake Barrington she instantly assumed I live in Lake Barrington Shores. She is not alone. I can count on more than the fingers on both hands how many times this happens.

So I am here to set the records straight because there is so much more to Lake Barrington than just Lake Barrington Shores. Lake Barrington Shores is a subdivision of Lake Barrington and is unique for our area. It is a gated community of mostly town homes with a few condos and does indeed make up a large proportion of the residences, 1317 of the 2252 total homes. But what about the other 935 residences?

The remainder of Lake Barrington real estate is devoted to single family homes in 32 seperate subdivisions. There are also 2 commercial subdivisions near Route 14. In the middle of the village area is Good Shepherd Hospital grounds but this area is not under Lake Barringtonjurisdiction, it falls under Lake County community.

Dear Lake Barrington Home Owner and Seller - I Would Have Been Honored

I thank you for taking the time to call me to see if I could help sell your home in Lake Barrington. I am sorry I was not available at the time you called but I called back within 10 minutes, not the next day or the day after that. So I am truly sorry we were not able to connect in time because I would have liked to help you sell your home in Lake Barrington with my extensive marketing plan.

I would have liked:

• To have listed your home in our MLS so other agents with buyers would know it was for sale.
• To have taken up to 100 photos of the home on a sunny day and added them to all my marketing.
• To have prepared a virtual tour so viewers could feel as if they were standing inside the home.
• Perhaps I would have bought the Flip Video Camera to capture the essence of your home and it's location in Lake Barrington - Yes I am sure I would have done that.
  
• To have showcased your home on my Barrington buyers web site, you see it is visited by over 1500 Barrington home buyers every month.
• To have written a blog post about the wonderful features your Lake Barrington home has so I can connect with a buyers emotional feelings.
• That blog post would have been published on two highly popular and read blogs which only contain information about Barrington.
  
• To have shown your home on my Facebook business page so all my followers could spread the word about your wonderful Lake Barrington home.

• To have added the video I did to You-Tube-who knows maybe it could go viral!
• Prepare a special website just for your home and a mini flyer posted to those blogs we talked about would ensure hundreds if not thousands of viewers would have seen your home.
  
• To advertise your home on hundreds of other real estate web portals. You know the big names like Yahoo, Google, Homes, Zillow, Trulia and so many more.
• Let's not forget Twitter-You know that little blue bird that makes announcements online. I would have to let my Twitter followers know about your lovely home.
• Of course if allowed and if you wanted I would put a nice Royal blue sign in your yard.
• Do you watch TV? Would you like to watch your home on Comcast. Gosh I have access to one of the best watched real estate channels. It's a little secret I learned about this year and I am not sharing with other agents how I do it.
• I had buyers with me on Sunday looking at Lake Barrington homes, perhaps I can bring them to see your home when it's listed.
  
• I know I have more marketing up my sleeve but hopefully by now you can see why I am sad.
  

I really would have liked to do all these things to market your Lake Barrington home.

You see not only do I work in Barrington but I also live in Lake Barrington and can help my buyers see what a wonderful place it is to call home. Maybe next time eh?

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

Lake Barrington Illinois 2010 Year End Real Estate Market Report-Comparing Sales to 2009

If you want to live in the countryside in the Barrington area, consider Lake Barrington, view more about our village and all the subdivisions. Most homes are on acre or more lots and there are trees and preservation areas as well. It's just, well, like living in a "green and pleasant land".

So how did real estate fair in 2010 compared to 2009 in Lake Barrington.

Let's look at 2009 first.

There were a total of 16 sales with closed prices from $300,000 to $865,000

The median price sold was $560,000

The average sales price was $639,613

The average marketing time was 150 days

The list to sales price ratio of all the homes sold was an average of 92% of final list price.

The list to sales price ratio of all the homes sold was an average of 67% of the original list price.

(This was due to over-pricing homes in the 4 bedroom category.)

If you are in the market to buy, view all the current listings for Lake Barrington in one place.

Now let's see how Lake Barrington real estate sales compared in 2010, it might give us a little insight into what to expect this year, 2011.

There were a total of 25 sales with closed prices from $250,000 to $1,040,000

The median price sold was $535,000

The average sales price was $530,078

The average marketing time was 311 days

The list to sales price ratio of all the homes sold was an average of 93% of final list price.

The list to sales price ratio of all the homes sold was an average of 84% of the original list price.

(Some of 2010 sales were closings from 2009-those over-priced homes contributed to the longer marketing time here)

What are the changes in the Lake Barrington real estate market from 2009 to 2010?

Sales are up by 56% - A huge increase and likely due to final pricing on those over priced 4 bedroom homes in 2009.

Market times were up by 51% - no doubt this was an adjustment for the over-priced homes.

Prices not declining too much on average. - Pricing is key to selling.

If you are in the market to sell your Lake Barrington single family home, my website attracts buyers from all over the USA, many relocating families are looking online for your home. Remember that your home in Lake Barrington will compete with other comparable homes in all of 60010.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686