The number of listed Chicago homes for sale for $1M or higher in the 3rd quarter was up 2.1% from 3rd quarter 2012.* There were 1,087 Chicago luxury homes for sale compared with 1,065 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 2.5% of the inventory to 1.2%.
This is the first time in 6 years that the quarterly inventory of luxury homes for sale in Chicago is higher than a year earlier. The inventory is still down over 35% from 2010.
The number of Chicago luxury homes sold in the 3rd quarter was up 19.9% from a year earlier. There were 271 sales. Pending sales were up 56.3%, so sales should do well this quarter.
WHAT THIS MEANS FOR CHICAGO LUXURY HOME BUYERS
Rising sales and rising pending sales confirm 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 30.7% to 112 days. With the competition no longer dropping like it has over the past few years you shouldn’t 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|
*Information is based on data from Midwest Real Estate Data (MRED).