The number of listed Chicago homes for sale for $1M or higher in the 2nd quarter was up 24.0% from 2nd quarter 2013.* There were 1,257 luxury homes for sale compared with 1,014 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 1.8% of the inventory to 1.1%.
In May I wrote about how the quarterly inventory of luxury homes for sale in Chicago in the first quarter was up 2.9%. As shown below, the inventory is down over 9% from 2011.
The number of Chicago luxury homes sold in the 2nd quarter the same as a year earlier. There were 267 sales. Pending sales were up 16%.
The average sale price as a percent of original sale price for homes with no price changes was 96.2% up from 95.6%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 88.3% up from 87.0%.
WHAT THIS MEANS FOR CHICAGO LUXURY HOME BUYERS
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 a little over 3 months. The average days on market was down 12% to 96 days. With the competition rising (higher inventory) 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
|$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 & CO-OP BUILDINGS
Call us at 773-793-4516 or email us.
*Information is based on data from Midwest Real Estate Data (MRED).