Market Watch

MARKET WATCH – April, 2008

It was with little regret that we finally said goodbye to the cruel, protracted winter we endured this year. We looked forward to April with great expectations for warmer weather and some signs of rebirth in the real estate industry. Residents in the Barrington area may have kicked off April in a number of ways. Whether they attended one of the Barrington Youth Baseball and Softball (BYBS) games with 150 teams and over 1,700 participants or planted a tree in honor of Arbor Day, their activities most likely took them out of doors.

Similarly, the real estate market usually sees a seasonal surge, but that was not the case. The numbers for the sold units in the entire Barrington area in April 2006 was 47 (0 Vacant Land, 15 Attached, 32 Detached), while April 2007 declined to a total of 39 units (2 Vacant Land, 9 Attached, 28 Detached). April 2008 saw a slight increase from the year prior with 42 (0 Vacant Land, 7 Attached, 35 Detached). The average market time had clearly risen from 118 days on the market in April 2006 to 231 Days in April 2007, then decreasing in April 2008 to 190 days. Despite the fact that the market was in a period of correction, we saw the average list price increase from $555,699 in April 2006 to $632,897 in April 2007, then increase again to $634,425 in April 2008. The average sale price in April 2006 was $535,758, rising to $598,739 in April 2007, compared to $586,432 in April 2008.