Chicago ultra-luxury homes for sale up 7.1% in Q3

After falling over the past few years the quarterly inventory of Chicago homes for sale priced $3 million or higher moved up in the 3rd quarter. There were 150 ultra-luxury homes for sale up 7.1% from 3rd quarter 2012 when there were 140 such homes for sale.^* There were no distressed sales (short sales and foreclosures).

Back in August I wrote about how the inventory of ultra-luxury homes for sale was down 3.4% in the second quarter. The inventory is down 13.8% from 2010.

13 listed ultra-luxury Chicago homes were sold in the 3rd quarter the same as in 3rd quarter 2012. Pending sales doubled.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS

The rise in inventory is balanced out by the rise in pending sales, so you still need to be ready to buy when you find a home you want. Most of you will be paying cash, so get a proof of funds letter from your accountant or banker ready to go. If you will be financing your purchase, get your mortgage pre-approval. Contact me for recommended mortgage consultants or to get started.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS

If your home is priced right when it goes on market, it should sell in less than 6 months. The average days on market was 160 days, down 33% from a year ago. Just because market times are improving doesn’t mean you should price your home above market. Some ultra-luxury buyers finance their purchase or require that the home appraise for sale price or higher. In this price range financing will require 2 appraisals. 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 ULTRA-LUXURY HOMES FOR SALE

Click below to see Chicago ultra-luxury homes for sale by price range.

^*Information is based on data from Midwest Real Estate Data (MRED).