Chicago luxury condos sold in 3rd quarter set 4 year high!

The number of listed Chicago condos that sold for $1M or higher in the third quarter was up 46.7% from third quarter 2011.* There were 110 Chicago luxury condo sales compared with 75 a year earlier. Only 1 of the 110 sales was a short sale or foreclosure.

As shown below, third quarter Chicago luxury condo sales set a 4 year high. The last time sales were higher was in third quarter 2008.

Chicago Luxury Condo Sales 1st Qtr. 2007 to 3rd Qtr. 2012

Chicago Luxury Condo Sales 1st Qtr. 2007 to 3rd Qtr. 2012

This is the second consecutive quarter of significantly improved luxury condo sales. Back in July I wrote about how Chicago luxury condo sales were up 50% in the 2nd quarter.

The inventory of Chicago luxury condos for sale in the third quarter was down 22.4% from a year earlier. Pending sales were up 20.0%, so sales should do well in the fourth quarter. The average days on market for pending sales was down 23.1%.

97% of all Chicago luxury condos sold in the third quarter were in downtown Chicago, Lincoln Park or Lakeview.

CHICAGO LUXURY CONDOS FOR SALE

Click below to see Chicago luxury condos for sale by 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

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* includes co-ops and 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

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