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.
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
Call us at 773-793-4516 or email us.
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).