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.
Quarterly Chicago Ultra-Luxury Homes For Sale Statistics 4th Qtr. 2009 - 4th Qtr. 2012
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. You can narrow the results by internal and external features. Pending sales are excluded.
| $5M+ | $4M - $5M | $3M - $4M |
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*based on MRED (Midwest Real Estate Data)
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ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale. Fran 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
