15 listed ultra-luxury Chicago homes were sold in the 2nd quarter up 50% from 2nd quarter 2012.* It was the highest number of homes sold for $3,000,000 or higher in the second quarter since 2010. That quarter there were 20 such homes sold.
Back in May I wrote about how ultra-luxury homes sales were down 44.4% in the first quarter. There were only 6 such sales then.
The rise in ultra-luxury home sales was even better than the rise in all luxury home ($1M+) sales. Recently I reported that Chicago luxury home sales for the second quarter were up 33.7% from a year earlier.
There were 143 Chicago ultra-luxury homes for sale compared with 148 a year earlier. That was a drop of only 3.4%, far less than the 20.3% drop for all luxury homes. There were no distressed sales (short sales and foreclosures).
Chicago ultra-luxury home pending sales were up 30.8%. The average days on market plummeted 59.4%.
Chicago Luxury Homes For Sale
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS
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. 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 5 months. The average days on market was 146 days. Just because the market is 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.
| $5M+ | $4M - $5M | $3M - $4M |
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 
