Chicago luxury homes for sale down 2.3%, sold up 21.7% in Q4

The number of listed Chicago homes for sale for $1M or higher in the 4th quarter was down 2.2% from 4th quarter 2012.* There were 903 Chicago luxury homes for sale compared with 924 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 2.6% of the inventory to 1.9%.

In November I wrote about how the quarterly inventory of luxury homes for sale in Chicago in the third quarter rose for the first time in 6 years. As shown below, the inventory is still down over 37% from 2010.

Quarterly Inventory of Chicago Luxury Homes For Sale & Sold 4th Qtr. 2010 - 4th Qtr. 2013 Chart

Quarterly Inventory of Chicago Luxury Homes For Sale & Sold 4th Qtr. 2010 - 4th Qtr. 2013

The number of Chicago luxury homes sold in the 4th quarter was up 21.7% from a year earlier. There were 230 sales. Pending sales were up 13.6%.

The average sale price as a percent of original sale price for homes with no price changes was 95.1% up from 94.1%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 87.7% up from 85.7%.

WHAT THIS MEANS FOR CHICAGO LUXURY HOME BUYERS

Lower inventory, rising sales and rising average sale price as a percent of original sale price confirm that the buyers market is over. 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 HOME 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 36.0% to 133 days. With the competition no longer dropping like it has over the past few years you shouldn’t price your home above market. Many luxury 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 HOMES FOR SALE

Click below to see Chicago luxury homes 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

QUESTIONS?

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

*Information is based on data from Midwest Real Estate Data (MRED).

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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