The number of listed Chicago homes for sale priced $3M or higher in the 4th quarter was down 5.3% from 4th quarter 2011.* There were 126 Chicago ultra-luxury homes for sale compared with 133 a year earlier. There were no distressed sales (short sales and foreclosures).
The Chicago ultra-luxury inventory hasn’t dropped as much as the overall luxury market. Recently, I wrote about how Chicago luxury homes for sale were down 18.9% in the 4th quarter.
The number of Chicago ultra-luxury homes sold in the 4th quarter was up 18.2% from a year earlier. There were 13 such sales. This was a change from the 3rd quarter when sales were down 18.8% from a year earlier.
Chicago ultra-luxury home pending sales were up 36.4%. This is also a change from the 3rd quarter when pending sales were down 30.8%.
Chicago Luxury Homes For Sale
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS
The buyers market is over. There are already more pending sales now in the 1st quarter than any quarter during the past 3 years.
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS
Don’t expect that you’ll get more for your home now. It’s not a sellers market yet. As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time. However, ultra-luxury homes do take significantly longer to sell on average than lower priced homes since there is such a small market for them. The average days on market for ultra-luxury homes in the 4th quarter was 290 days. For all Chicago homes for sale it was only an average of 139 days.
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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*Information is based on data from Midwest Real Estate Data (MRED).