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.
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%.
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, email 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|
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*Information is based on data from Midwest Real Estate Data (MRED).