Chicago ultra-luxury home sales down in Q1

Only 5 listed ultra-luxury Chicago homes were sold in the 1st quarter down 44.4% from 1st quarter 2012.^* It was the lowest number of homes sold for $3,000,000 or higher in the past several years. Back in the first quarter of 2008 there were 29 such homes sold.

The drop in ultra-luxury home sales was in contrast to all luxury home sales. In April I reported that Chicago luxury home sales for the first quarter were up 29.7% from a year earlier.

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Quarterly Chicago Ultra-Luxury Homes Sold Q1 2010 - Q1 2013 Chart — Quarterly Chicago Ultra-Luxury Homes Sold Q1 2010 - Q1 2013

There were 130 Chicago ultra-luxury homes for sale compared with 145 a year earlier. That was a drop of only 10.3% far less than the 23% drop for all luxury homes. There were no distressed sales (short sales and foreclosures).

Chicago ultra-luxury home pending sales were up 33.3%. The average days on market spiked up 79.8%.

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Chicago Luxury Homes For Sale

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS

Sales may have been slow in the first quarter, but that won’t be the case this quarter! There are already 33 sold or pending ultra-luxury sales. The buyers market is over.

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 1st quarter was 547 days. For all Chicago homes it was only an average of 119 days. If you’re considering selling your home, get our free home valuation.