The drop in the inventory of listed Chicago luxury condos for sale slowed significantly in the third quarter.* There were 544 condos for sale in Chicago priced $1 million or higher in the third quarter down only 0.4% from third quarter 2012 when there were 546 such condos for sale.
In July I wrote about the drop in the inventory of Chicago luxury condos for sale which was down over 21%. In April I wrote about the first quarter drop which was over 24%.
The inventory drop over the past 3 years has been dramatic. The inventory in the third quarter was down 45.7% from third quarter 2010.
There were no distressed (short sale & foreclosure) luxury condos for sale in the third quarter. There were 4 a year earlier.
The number of closed sales was up 1.8% from a year ago. Pending sales were up 58.5%, so sales should do well this quarter.
WHAT THIS MEANS FOR CHICAGO LUXURY CONDO BUYERS
The market may have cooled off a bit in the third quarter, but it’s still not a buyers market. 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 CHICAGO LUXURY CONDO SELLERS
If your home is priced right when it goes on market, it should sell in less than 4 months. The average days on market was down 24.9% to 124 days, the lowest quarterly average days on market in the past 3 years. Luxury homes do take longer to sell due to a smaller pool of buyers. With the drop in inventory slowing you definitely shouldn’t price your home above market. Most buyers finance their purchase. 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. If you’re considering selling your home, get our free home valuation.
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 
