The number of listed Chicago homes for sale for $1M or higher in the 1st quarter was up 2.9% from 1st quarter 2013.* There were 948 Chicago luxury homes for sale compared with 921 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 2% of the inventory to 1%.
In February I wrote about how the quarterly inventory of luxury homes for sale in Chicago in the fourth quarter was down 2.3%. As shown below, the inventory is still down nearly 34% from 2011.
The number of Chicago luxury homes sold in the 1st quarter was up 28.7% from a year earlier. There were 175 sales. Pending sales were down 5.8%.
The average sale price as a percent of original sale price for homes with no price changes was 94.3% up from 92.4%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 87.8% up from 86.2%.
WHAT THIS MEANS FOR CHICAGO LUXURY HOME BUYERS
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.
Chicago Luxury Condos for Sale
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 4 months. The average days on market was down 47.1% to 117 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|
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*based on MRED (Midwest Real Estate Data)