The inventory of listed Chicago luxury condos for sale continues to drop.* There were 480 condos for sale in Chicago priced $1 million or higher in the first quarter down 24.4% from first quarter 2012 when there were 635 such condos for sale.
The inventory of Chicago luxury condos for sale is down over 52.9% from first quarter 2010. The drop in the first quarter was slightly greater than in the previous quarter (4th quarter 2012) when the drop was 21.7%.
The number of closed sales was up 35.3% from a year ago. The average days on market for pending sales was up 22.8%. Pending sales were up 29.1%.
WHAT THIS MEANS FOR CHICAGO LUXURY CONDO BUYERS
The buyers market is over. If you’re paying cash, get a proof of funds letter ready to go. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes.
WHAT THIS MEANS FOR CHICAGO LUXURY CONDO SELLERS
Don’t expect that you’ll get more for your luxury condo 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, homes in the luxury market do take longer to sell than more modestly priced homes. The average days on market for Chicago luxury condos in the first quarter was 261 days while it was only 108 days for the whole Chicago condo market.
CHICAGO LUXURY CONDOS FOR SALE
Click below to see the Chicago luxury condos for sale in your desired price range.
| $5M+ | $3M - $5M | $2M - $3M | $1.8M - $2M |
| $1.6M - $1.8M | $1.4M - $1.6M | $1.2M - $1.4M | $1M - $1.2M |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
