North Barrington, IL

Before we look at the last quarter of 2011 to see what's selling in Wynstone North Barrington, you might be interested in the first three quarters of 2011, so here are the reports.

First Quarter 2011 ................. Second Quarter 2011 ........................ Third Quarter 2011

To summarize the content of these reports: In the first quarter, 7 homes sold, 45 homes available; 2nd quarter 4 sales, 47 available homes; 3rd quarter 8 sales, 43 homes available. Now it's time to see the total sales for 2011, and we'll also take a look at the popular price range in Wynstone, foreclosures, short sales and other data.

Wynstone North Barrington Sales 2011

As you can see the last quarter of the year only had 3 sales with an average marketing time of 333 days. The good news is there are 6 listings currently under contract, so 2012 should be a comparable start to the year. Overall in 2011, there were 22 homes in Wynstone sold. With about 45 to 50 homes available at any given time that's just under half.

How many Wynstone homes sold were foreclosures and short sales?

5 sales were foreclosures. 4 sales were short sales. The highest foreclosure was 8 Kensington Drive at $1,125,000 and the highest short sale was 58 Hillburn Lane at $1,401,360. This shows that distressed homes are available in the higher price brackets.

What Price Range Sold Best in Wynstone in 2011?

There were 5 sales in the $900,000 to $1 Million price band. The other prices bands had about 2 or 3 each. Overall the higher priced homes in Wynstone, those above $1,500,000 are still struggling to attract buyers.

What's For Sale? What's The Current Average Marketing Time in Wynstone?

At time of writing we have one clubhouse home for sale at $574,000. There are 7 available homes for rent ranging form $3375 to $8000 a month, 4 vacant lots from $85,000 to $549,000. Stopping to take a look at that $85,000 lot! It's a lot sized 0.79 acres and is a foreclosure. The remaining 36 homes are single family with prices from $475,000 to $2,600,000.

Current average marketing time of the homes listed-not rentals and not vacant lots - is 618 days. I checked to see contributing factors, maybe the higher priced homes bringing this number up? That is not the case. There are some lower priced homes with long marketing times.

I've said it before, Pricing, pricing, pricing. Nuff said.

As I start this post I almost wonder before I do my research what the results will show me. Why, well I guess it's because I watch the Barrington real estate sales and new listings every day and in my mind I have a note to self about how many homes there are for sale in Wynstone in the price around $800,000. My recall tells me it's a lot.

Let's take a look. In fact there are 13 homes for sale between $700,000 and $900,000 with prices from $745,000 to $894,000. All are 4 or 5 bedroom homes. In one subdivision that's a lot of competition in a set price range. 9 of these homes have reduced their price, some more than $100,000. The size of the homes is not necessarily in line with the price either. Property number two for example with a price of $747,000 down from $895,000 has more square footage than the other 11 priced higher.

In total there are 43 homes for sale. Let's look at our sales for the last quarter, see if things are moving a little. Here is the graph for the first three quarters of 2011.

Closings doubled over last quarter, but in fact are only 1 more than the first quarter, so it's not a drastic "flag waving" event. With 19 sales over 9 months that's just over 2 homes sold per month. With 43 homes available it means the inventory is going to take 21 months to sell.

Wynstone is still suffering, perhaps more than many other parts of Barrington. Granted it's a beautiful subdivision to live in but the monthly assessments are high and I am sure home-owners would like to see the taxes start to fall, they are still much more than a comparable home outside of Wynstone.

I'll be back at the end of the year to update you all but my gut tells me it will not have changed a lot. Have a great fall season.

Wynstone Real Estate - North Barrington Market Report End 2010

Real estate in Wynstone North Barrington has not been very active this year. With only 7 homes sold the average marketing times of those sales was a wopping 864 days. If we compare this to 2009 there were 14 homes sold and an average marketing time of 361 days. 2009 was very similar to 2008 with 13 sales and an average marketing time of 331 days.

What about 2005? This was the last year that I consider we were a sellers market and there were 33 sales that year with an average market time of 300 days.



What has happened to the median price range during the last 5 years? Here's a quick chart:

2010 - $717,000
2009 - $730,000
2008 - $956,250
2007 - $1,162,500
2006 - $980,000
2005 - $1,154,000

As you can see since 2005 we have lost value in Wynstone Real Estate in North Barrington and the higher priced homes have not sold-the highest sales 2010 was for $1,300,000. So how many homes are for sale in Wynstone today? We have 53 listings of which 52 are single family homes, there is 1 golf villa. There are also 7 vacant lots for sale and 6 homes available for rent.

Of the 53 Wynstone homes listed 4 are under contract. The list prices of those are $519,900, $789,000, $795,000 and the last which is being sold as a short sale is listed at $1,000,000.

The data speaks for itself, only the lower end homes are selling, as to the reasons why, I think you could likely draw your own conclusions.

Contact:

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

North Barrington Homes-Market Report Year to Date-Dec 2010-Real Estate in Barrington

In 2009 there were 36 sales of North Barrington Homes. So how well are we doing in 2010, are we on target, has the median price gone down, is the marketing time more or less?

In 2009 the median sales price for North Barrington Homes was $492,500
In 2009 the average sales price was $565,415
In 2009 the average marketing time was 286 days.
In 2009 the list to sales price ratio of all the homes sold was an average of 91% of final list price.
In 2009 the list to sales price ratio of homes sold was 62% of the original list price.

The lowest sale in 2009 was $194,000 and the highest in 2009 was $1,300,000. The was North Barrington Homes only and did not include land or commercial properties.

If you are in the market to buy, search all the North Barrington Homes for sale by price range.



Now lets compare 2010 to date:

In 2010 there are 31 sales of North Barrington Homes to date.
In 2010 the median sales price for North Barrington Homes is currently $542,000.
In 2010 the average sales price is currently $549,465
In 2010 the average marketing time is 442 days.
In 2010 the list to sales price ratio of all the homes sold is currently an average of 92% of final list price.
In 2010 the list to sales price ratio of homes sold has fallen to 53% of the original list price.

The lowest sale in 2010 to date was $165,000 and the highest was $1,300,000. The was North Barrington Homes only and did not include land or commercial properties.

This report shouts out loud the importance of pricing homes right at the very beginning. For sales in 2009 and 2010 to be selling at such low list to original sales price has such dire effects for the home sellers. It has been proven over and over, that if you over price your home to start you'll ultimately sell than less than had you listed at the right price to start with.

Open to discussion is the effect of the higher priced homes in Wynstone and the slow sales over the last 2 years. How are these contributing to North Barrington's low sales percentage? Maybe that's for a separate post.

Contact:

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

Why Are There So Many Homes For Sale In Wynstone North Barrington?

Wynstone of North Barrington is a gated community of homes situated on a golf course. There are about 400 homes most of them single family, with a few lots remaining to be built. As I write this post there are 60 single family homes available for sale, 2 half duplexes, 7 vacant lots and  8 homes for rent. Taking the homes for sale of 62 that amounts to about 15% of the homes in Wynstone on the market. So why are there so many?

Do I have a specific answer for you? No. So lets look at some of the data.

Home prices range from $575,000 to $3,800,000
Association fees thate prices ranges from $450 to $923 per month
Real estate taxes range from approx $14,000 to $43,000 per year.

Homes available for sale today-June 8th 2010 - 62
Median price of these 62 homes is $1,100,000
Homes sold in last 6 months - 1
    Sale price $717,000
Homes sold in last 12 months - 9
    Sales prices $575,000 to $1,025,000
        Sales types were all re-sale with 1 short sale.
Homes currently under contract - 2
        One home priced at $749,000
        One home priced at $1,425,000

You can browse the available homes in Wynstone right here or for my opinion keep reading.



Clearly it is the lower priced homes that will sell. i.e. those below the median price range.
The average marketing tim for the 9 sales over the last 12 months was  459 days. That is very close to double the average marketing time for all of 60010 which is currently 258 days.
The average list time for the 62 homes on the market is 507 days.

So what's up with Wynstone Homes?

My opinion is that the association fees may be pricing some buyers out of the market. Our real estate taxes have not adjusted for the value of homes in Lake County which will affect all homes. With a median price of $1,100,000, which means 31 of the homes are above that price, we are looking at a luxury market. Luxury markets are not typically affected by the economy as much as other price points but then there will always be less buyers of luxury homes. There are a lot of luxury homes for sale in North Barrington, South Barrington and Barrington Hills so competition is tough. Why? Well for a start there are a lot of newly built homes that were being built at the peak of 2005 and 2006 which still have not sold. Some of these have been foreclosed on.

Are there any underlying secrets? Not that I am aware of . I still get a lot of people searching for  Wynstone homes on my Barrington Web Site. So it must be the cost. If you are in the market to buy in Wynstone or any of our beautiful Barrington Villages, I am here to help and the choice is wide.

Copyright 2010 Corinne Guest All Rights Reserved  - * Why Are There So Many Homes For Sale In Wynstone North Barrington? *