Chicago ultra-luxury home sales up 1/3 in Q4

Here are the 2013 Q4 statistics for ultra-luxury ($3M+) homes in Chicago along with the ultra-luxury homes for sale. Schedule a showing online!

The number of Chicago homes that sold for $3 million or higher was up 33.3% in the 4th quarter.* 16 such homes sold compared to 12 a year earlier. In December I wrote about how the third quarter sales of ultra-luxury homes were the same as a year earlier.

Quarterly Chicago Ultra-Luxury Homes Statistics Q4 2010 - Q4 2013 Chart

Quarterly Chicago Ultra-Luxury Homes Sales Q4 2010 - Q4 2013

The quarterly inventory of Chicago ultra-luxury homes for sale moved up in the 4th quarter. There were 130 ultra-luxury homes for sale up 4.8% from 4th quarter 2012 when there were 124 such homes for sale. There were no distressed sales (short sales and foreclosures). The inventory is down 25.7% from 2010.

The average sale price as a percent of original sale price for homes with no price changes was 92.3% down from 97.4%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 80.7% down from 90.7%. Pending sales were up 60%. So sales should do well this quarter.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS

The rise in inventory is balanced out by the rise in pending sales, so you still need to be ready to buy when you find a home you want. Most of you will be paying cash, so get a proof of funds letter from your accountant or banker ready to go. If you will be financing your purchase, get your mortgage pre-approval. Contact me for recommended mortgage consultants or to get started.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS

If your home is priced right when it goes on market, it should sell in less than 9 months. The average days on market was 255 days, down 12% from a year ago. Just because market times are improving doesn’t mean you should price your home above market. The significant drops in average sale price as a percent of original sale price show some weakness in the market.

Some ultra-luxury buyers finance their purchase or require that the home appraise for sale price or higher. In this price range financing will require 2 appraisals. 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 ULTRA-LUXURY HOMES FOR SALE

Click below to see Chicago ultra-luxury homes for sale by price range.

$5M+$4M - $5M$3M - $4M

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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