Downtown Chicago luxury condos sold up 25% in Q1

Here are the 2014 Q1 downtown Chicago luxury condo statistics and all luxury condos for sale in downtown Chicago. Schedule a showing online!

The number of closed sales for downtown Chicago luxury condos was up 25.0% in the first quarter compared to a year earlier. There were 75 sales. In March I wrote about how sales of downtown Chicago luxury condos rose over 26% in the fourth quarter of 2013.

Quarterly Downtown Chicago Luxury Condos Sold Q1 2011 - Q1 2014 Chart

Quarterly Downtown Chicago Luxury Condos Sold Q1 2011 - Q1 2014

The inventory of listed downtown Chicago luxury condos continues to fall, but at a slower rate than in the past 2 years.* There were 391 condos for sale priced at $1,000,000 or higher in downtown Chicago in the first quarter down 6.2% from first quarter 2013 when there were 417 luxury condos for sale. The inventory of luxury condos for sale in downtown Chicago is down over 39% from first quarter 2011.

Downtown Chicago buildings that still have several luxury condos for sale include Trump Tower Chicago and the Ritz-Carlton Residences Chicago.

The number of distressed sales (short sales and foreclosures) on the market dropped from two to zero. The number of pending sales rose 2.3%.

The average sale price as a percent of original sale price for homes with no price changes was 94.8% up from 91.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 87.0% up from 84.0%.

WHAT THIS MEANS FOR DOWNTOWN CHICAGO LUXURY CONDO BUYERS

Lower inventory, rising sales and rising average sale price as a percent of original sale price confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR DOWNTOWN CHICAGO LUXURY CONDO SELLERS

Luxury homes take longer to sell due to a smaller market for them. If your home is priced right when it goes on market, it should sell in less than 5 months. The average days on market for downtown Chicago luxury apartments in Q1 was plunged 40% to 154 days. With the drop in competition slowing you shouldn’t price your home above the market. If you’re considering selling your home, contact me for a free market analysis.

DOWNTOWN CHICAGO LUXURY CONDOS FOR SALE

Click below to see the downtown Chicago luxury condos for sale in your desired price range.

$5M & Above$3M to $5M$2M to $3M$1.8M to $2M
$1.6M to $1.8M$1.4M to $1.6M$1.2M to $1.4M$1M to $1.2M

QUESTIONS?

Call us at 773-793-4516 or email us.

* includes co-ops & townhomes

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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