Chicago ultra-luxury homes for sale down, sales up in 4th quarter

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

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%.

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

QUESTIONS?

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*based on MRED (Midwest Real Estate Data)

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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