The number of listed Chicago homes for sale priced $3M or higher in the 3rd quarter was down 4.1% from 3rd quarter 2011.* There were 140 Chicago ultra-luxury homes for sale compared with 146 a year earlier. There were no distressed sales (short sales and foreclosures).
The Chicago ultra-luxury inventory hasn?t dropped nearly as much as the overall luxury market. Recently, I wrote about how Chicago luxury homes for sale reached a 4 year low in the 3rd quarter.
Quarterly Inventory of Chicago Ultra-Luxury Homes For Sale 3rd Qtr. 2009 - 3rd Qtr. 2012
The number of Chicago ultra-luxury homes sold in the 3rd quarter was down 18.8% from a year earlier. There were 13 such sales.
Chicago ultra-luxury home pending sales were down 30.8%. The average days on market for pending sales was up 9.1% at 239 days.
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS
It?s still a buyer?s market since inventory levels haven?t changed much and don?t look like they will soon. The inventory of homes priced $5M and higher is actually up 37.5% from a year ago, so there are opportunities to negotiate aggressively in that price range.
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS
I don?t recommend selling unless you really need to. With increased competition in the $5M+ market you?ll have to be even more competitive. As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time. However, ultra-luxury homes do take significantly longer to sell on average than lower priced homes since there is such a small market for them. As mentioned above the average days on market for ultra-luxury homes in the 3rd quarter was 239 days. For all Chicago homes for sale it was only an average of 124 days.
FOR MORE INFORMATION
Email Fran for more information on Chicago ultra-luxury homes for sale.CHICAGO ULTRA-LUXURY HOMES FOR SALE
Click below to see Chicago ultra-luxury homes for sale by price range. You can narrow the results by internal and external features. Pending sales are excluded.
*based on MRED (Midwest Real Estate Data)
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