Chicago ultra-luxury homes for sale up 17.6% Q2

Here are the 2014 Q2 statistics for ultra-luxury ($3M+) homes in Chicago along with the ultra-luxury homes for sale. Schedule a showing online!

The quarterly inventory of Chicago ultra-luxury homes for sale was up 17.6% in the 2nd quarter. There were 167 ultra-luxury homes for sale compared to 142 such homes for sale in 2nd quarter 2013. There were 2 distressed homes for sale (short sales and foreclosures) compared with zero a year earlier. The inventory is up 6.4% from 2011.

Quarterly Chicago Ultra-Luxury Home For Sale & Sales Q2 2011 - Q2 2014 Photos

Quarterly Chicago Ultra-Luxury Homes For Sale & Sales Q2 2011 – Q2 2014

The number of Chicago homes that sold for $3 million or higher was up 13.3% in the second quarter.* 17 such homes sold compared to 15 a year earlier. In June I wrote about how the first quarter sales of ultra-luxury homes more than doubled from a year earlier.

The average sale price as a percent of original sale price for homes with no price changes was 96.7% up from 95.3%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 83.7% down from 115.3%. Pending sales were up 56.2%, so sales should do well this quarter.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS

Rising inventory gives your more choices, but rising sales show that there are other ultra-luxury buyers. You 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 6 months. The average days on market was 166 days, up 20.5% from a year ago. 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, so don’t get too optimistic with pricing. 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

QUESTIONS?

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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