The number of listed Chicago homes for sale for $1M or higher in the 2nd quarter was down 20.3% from 2nd quarter 2012.* There were 1,014 Chicago luxury homes for sale compared with 1,273 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 2.4% of the inventory to 1.4%.
In April I wrote about how the number of Chicago luxury homes for sale in the first quarter dropped 23.7%. The number of luxury homes for sale in Chicago has dropped 44% from 2010.
The number of Chicago luxury homes sold in the 2nd quarter was up 33.7% from a year earlier. There were 266 sales. Pending sales were up 13.1%.
WHAT THIS MEANS FOR CHICAGO LUXURY HOME BUYERS
Lower inventory, rising sales and rising pending sales signal 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 CHICAGO LUXURY HOME 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 45.4% to 108 days. Just because the market is improving doesn’t mean you should price your home above market. Many luxury 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 HOMES FOR SALE
Click below to see Chicago luxury homes for sale by 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 Fran at 773-793-4516, text or email
*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 
