Chicago luxury condos for sale up 1.6%, sales up 33.8% in Q1

The inventory of listed Chicago luxury condos for sale in the first quarter rose for the first time in 6 years.* There were 500 condos for sale in Chicago priced $1 million or higher in the first quarter up 1.6% from first quarter 2013 when there were 492 such condos for sale.

In January I wrote about the inventory of Chicago luxury condos for sale which was down compared to a year earlier. As shown below, the inventory drop over the past 3 years has been dramatic. The inventory in the first quarter was down over 43% from first quarter 2011.

Chicago Luxury Condos For Sale, Pending & Sold 1st Qtr. 2011 — 1st Qtr. 2014 Chart

Chicago Luxury Condos For Sale, Pending & Sold 1st Qtr. 2011 — 1st Qtr. 2014

There were no distressed (short sale & foreclosure) luxury condos for sale in the first quarter. There were 2 a year earlier.

The average sale price as a percent of original sale price for luxury listings with no price changes was 95.1% up from 92.7%. For listings with one or more price changes the average sale price as a percent of original sale price was 87.3% up from 84.3%.

The number of closed sales shot up 33.8% from a year ago. Pending sales were up 10.2%.

WHAT THIS MEANS FOR CHICAGO LUXURY CONDO BUYERS

Surging sales and a rising average sale price as a percent of original sale price confirm that it’s no longer a buyers market. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO LUXURY CONDO SELLERS

If your home is priced right when it goes on market, it should sell in less than 5 months. The average days on market was down 36% to 151 days. Luxury homes do take longer to sell due to a smaller pool of buyers. With the drop in inventory slowing you definitely shouldn’t price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO LUXURY CONDOS FOR SALE

Click below to see the Chicago luxury condos for sale in your desired price range.

$5M & Above$3M to $5M$2M to $3M$1.8M to $2M
$1.6M to $1.8M$1.4M to $1.6M$1.2M to $1.4M$1M to $1.2M

FEATURED CHICAGO LUXURY CONDO BUILDINGS

Gold Coast
Loop
River North
Streeterville
1035 N. Dearborn225 N. Columbus55 E. Erie161 E. Chicago
10 E. Delaware130 N. Garland Ct.118 E. Erie600 N. Lake Shore
219 E. Lake Shore310 S. Michigan21 E. Huron840 N. Lake Shore
1040 N. Lake Shore1160 S. Michigan25 E. Superior415 & 445 E. North Water
1418 N. Lake Shore65 E. Monroe500 W. Superior180 E. Pearson
800 N. Michigan Ave.340 E. Randolph401 N. Wabash250 E. Pearson
30 W Oak270 E. Pearson
11 E. Walton159 E. Walton

QUESTIONS?

Call us at 773-793-4516 or email us.

* includes apartments, lofts, co-ops & townhouses

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More