Chicago luxury condos for sale down, sales up in Q2

The inventory of listed Chicago luxury condos for sale continues to drop.^* There were 506 condos for sale in Chicago priced $1 million or higher in the second quarter down 21.6% from second quarter 2012 when there were 645 such condos for sale.

The inventory of Chicago luxury condos for sale is down over 52.6% from second quarter 2010. The drop in the second quarter was slightly less than in the previous quarter (1st quarter 2013) when the drop was 24.4%.

There were no distressed (short sale & foreclosure) luxury condos for sale in the first quarter. There were 8 a year earlier.

The number of closed sales was up 7.8% from a year ago. Pending sales were down 0.8%.

WHAT THIS MEANS FOR CHICAGO LUXURY CONDO BUYERS

Be prepared to encounter competing offers from other buyers. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. 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

Luxury condos take longer to sell due to a smaller market for them. If your luxury condo is priced right when it goes on market, it should sell in less than 5 months. The average days on market for pending sales was down 48% at 126 days. If you’re considering selling your condo, 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.

^*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).