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- A $1.6 million home in suburban Hinsdale recently sold by RE/MAX.
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.
And Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois, points out that a large inventory of luxury homes are up for sale. The number of homes listed for at least $1 million was 3,344 units at the end of September, up from 2,722 one year earlier, a 23% increase.
“We're seeing the impact of that play out in two ways,” Kreider says. “The time needed to sell a luxury home is increasing, and while home prices generally have been rising, in the luxury market any increases are relatively small.”
The average market time for luxury homes sold during the third quarter was 136 days, up from 120 days a year earlier. The median sales price for the quarter was $1,333,004, an increase of 1.8% over the third quarter of 2015.
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- A $1.6 million home in suburban Hinsdale recently sold by RE/MAX.
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.
And Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois, points out that a large inventory of luxury homes are up for sale. The number of homes listed for at least $1 million was 3,344 units at the end of September, up from 2,722 one year earlier, a 23% increase.
“We're seeing the impact of that play out in two ways,” Kreider says. “The time needed to sell a luxury home is increasing, and while home prices generally have been rising, in the luxury market any increases are relatively small.”
The average market time for luxury homes sold during the third quarter was 136 days, up from 120 days a year earlier. The median sales price for the quarter was $1,333,004, an increase of 1.8% over the third quarter of 2015.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
