Here are the 2014 Q2 statistics for ultra-luxury ($3M+) homes in Chicago along with the ultra-luxury homes for sale. Schedule a showing online!
The quarterly inventory of Chicago ultra-luxury homes for sale was up 17.6% in the 2nd quarter.* There were 167 ultra-luxury homes for sale compared to 142 such homes for sale in 2nd quarter 2013. There were 2 distressed homes for sale (short sales and foreclosures) compared with zero a year earlier. The inventory is up 6.4% from 2011.
The number of Chicago homes that sold for $3 million or higher was up 13.3% in the second quarter.* 17 such homes sold compared to 15 a year earlier. In June I wrote about how the first quarter sales of ultra-luxury homes more than doubled from a year earlier.
The average sale price as a percent of original sale price for homes with no price changes was 96.7% up from 95.3%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 83.7% down from 115.3%. Pending sales were up 56.2%, so sales should do well this quarter.
Chicago Luxury Homes For Sale
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS
Rising inventory gives your more choices, but rising sales show that there are other ultra-luxury buyers. 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 6 months. The average days on market was 166 days, up 20.5% from a year ago. 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, so don’t get too optimistic with pricing. If you’re considering selling your home, contact me for a free market analysis.
CHICAGO ULTRA-LUXURY HOMES FOR SALE
Click below to see Chicago ultra-luxury homes for sale by price range.
|$5M+||$4M - $5M||$3M - $4M|
Call us at 773-793-4516 or email us.
*Information is based on data from Midwest Real Estate Data (MRED).