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 first quarter down 18.7% from first quarter 2012 when there were 523 luxury condos for sale.
Last year I wrote about how the inventory of downtown Chicago luxury condos for sale dropped almost 20% in the first quarter of 2012. The inventory of downtown Chicago luxury condos for sale is down over 44% from first quarter 2010.
Downtown Chicago buildings that still have several luxury condos for sale include Trump Tower Chicago, Olympia Centre and 600 N Lake Shore Drive.
The number of closed sales for downtown Chicago luxury condos was up 28.3%. Pending sales were up 23%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO LUXURY CONDO BUYERS
The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Email me for recommended mortgage consultants! If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Email me to schedule showings regardless or broker or for assistance identifying condos that might meet your needs!
WHAT THIS MEANS FOR DOWNTOWN CHICAGO LUXURY CONDO SELLERS
I wouldn’t call it a sellers market yet, but we’re headed in the right direction. Luxury homes do take significantly longer to sell on average than lower priced homes since there is a smaller market for them. The average days on market in the 1st quarter was up a whopping 35.0%! It took an average of 277 days for downtown Chicago luxury condos to sell in the first quarter compared with 98 days for downtown Chicago condos priced under $1,000,000. Luxury condos have to be priced competitively. Email me for a free market analysis.
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 
