The inventory of listed downtown Chicago luxury condos for sale continues to fall.* There were 425 condos for sale priced at $1,000,000 or higher in downtown Chicago in the second quarter down 15.8% from second quarter 2012 when there were 505 luxury condos for sale.
In May I wrote about how the inventory of downtown Chicago luxury condos for sale dropped over 18% in the first quarter of 2013. The inventory of downtown Chicago luxury condos for sale is down over 45% from second quarter 2010.
Downtown Chicago buildings that still have several luxury condos for sale include Trump Tower Chicago, Ritz-Carlton Residences Chicago and 600 N Lake Shore Drive.
The percent of distressed sales (short sales and foreclosures) on the market dropped from 1% of the inventory to none. The number of closed sales for downtown Chicago luxury condos was up 4.3%. Pending sales were up 10.7%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO LUXURY CONDO BUYERS
Lower inventory and rising 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 DOWNTOWN CHICAGO LUXURY CONDO 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 down 44.7% to 140 days. Luxury homes do take longer to sell due to a smaller pool of buyers. Just because the market is improving doesn’t mean you should price your home above market. Most 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.
DOWNTOWN CHICAGO LUXURY CONDOS FOR SALE
Click below to see the downtown Chicago luxury condos for sale in your desired price range.
| $3M+ | $2M - $3M | $1.5M - $2M | $1M - $1.5M |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. 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 
