CHICAGO—Metro Chicago's luxury home market had a great spring, but sales slowed slightly during the third quarter, with city and suburban luxury sales moving in opposite directions, according to a report by RE/MAX. The brokerage analyzed data compiled by Midwest Real Estate Data and found that 728 metro area properties sold for at least $1 million during the quarter. That compares to 742 sales in the same quarter last year, a 2% decrease.
Positive news in the suburbs, where luxury sales rose 5.5% to 420 units, was offset by slowing city sales, where activity declined 10.5% to 308 units.
Still, the successful spring season contributed to an overall 2% increase for the first nine months of 2016. Luxury sales now total 1,907, up from 1,864 during the same period last year.
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