The inventory of listed luxury condos for sale in Chicago in the second quarter rose significantly.* There were 594 condos for sale in Chicago priced $1 million or higher in the second quarter up 18.3% from second quarter 2013 when there were 502 such condos for sale.
In April I wrote about the inventory of Chicago luxury condos for sale which was up 1.6% compared to a year earlier. As shown below, the inventory drop over the past 3 years is still down over 20% from second quarter 2011.
There was only one distressed (short sale & foreclosure) luxury condo for sale in the second quarter. There were none a year earlier.
The average sale price as a percent of original sale price for luxury listings with no price changes was 96.0% up from 95.6%. For listings with one or more price changes the average sale price as a percent of original sale price was 86.4% up from 86.3%.
The number of closed sales shot up 15.7% from a year ago. Pending sales were up 25.0%.
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 4 months. The average days on market was down 13% to 112 days. Luxury homes do take longer to sell due to a smaller pool of buyers. With the rise in inventory 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.
* includes apartments, lofts, co-ops & townhouses
Information is based on data from Midwest Real Estate Data (MRED).