RE/MAX Luxury Report On Chicago Real Estate: Sales Pace Speeded Up Substantially in July-August Period
CHICAGO - Sept. 27, 2013 – Luxury homes in Chicago were finding buyers much more quickly during July and August than they did earlier in the year, according to the RE/MAX Luxury Report on Chicago Real Estate, a bi-monthly analysis of city home sales at $1 million plus.
In the July-August period, listings of attached luxury homes (condominiums, townhouses and co-ops) went under contract in an average of 82 days, compared to 233 days during the first half of this year and 234 for July-August last year. Listings of detached luxury homes averaged 89 days on the market compared to 158 days during the first half of the year and 120 days in July-August 2012.
Combined sales of attached and detached luxury residences in Chicago selling for $1 million or more totaled 193 units in July and August, 12 percent more than during the same period last year. The combined median sales price was $1.35 million, and the average market time was 86 days.
The July-August median price for luxury properties was $1,322,500 in the detached segment, down 2 percent from the same period last year, while attached luxury properties carried a median price $1,400,000, up 2 percent from a year ago.
A substantial majority of detached luxury home sales in Chicago occur in six areas: Lake View, Lincoln Park, Logan Square, Near North Side, North Center and West Town. For July and August, 89 percent of the 108 detached luxury sales in Chicago were in those communities, and 78 were in Lake View, Lincoln Park and North Center.
Lincoln Park led the way with 38 sales at a median price of $1.46 million. Next was North Center with 21 sales at a median price of $1.25 million, and third was Lake View with 19 sales at a median price of $1.42 million. The Near North Side, with five detached sales, was the median sales price leader at $1.86 million.
Compared to the same period last year, July-August sales activity for the detached luxury properties rose in five of those six communities and fell by a single unit in Lake View.
In the attached segment, three city communities -- the Loop, the Near North Side and Lincoln Park – captured 89 percent of July-August luxury sales activity, which totaled 85 units.
The Near North Side remains the most active area for attached luxury properties, with 53 luxury sales at a median price of $1.4 million, which is the same as the median price for all attached luxury properties during the July-August period. In the Loop there were 12 sales at a median price of $1.39 million, while in Lincoln Park, 11 properties had a median sales price of $1.56 million.
There were 482 sales of $1 million-plus properties in the Chicago seven-county metro real estate market for July and August at a median price of $1.3 million. The average market time was 123 days. A year earlier there were 367 sales at a median price of $1.325 million, with an average market time of 202 days.
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