RE/MAX Luxury Report on Metro Chicago Real Estate: 1 Million-Plus Homes Gain Sales Momentum in City and Suburbs

Chicago, IL, November 22, 2013 --( Sales of luxury homes in the seven-county metropolitan Chicago real estate market continued to gather momentum, according to the RE/MAX Luxury Report on Chicago Real Estate, a bi-monthly analysis of home sales at $1 million plus. This is the first time the report, which was initiated earlier this year, has been expanded to cover the Chicago suburbs.

Total luxury sales for the city and its suburbs in the September-October period climbed to 338 units from 222 units a year earlier, an increase of 52 percent. The median sales price was $1.3 million, up 2 percent from that same two-month period in 2012.

Luxury homes also sold 25 percent more quickly during September and October than they did a year earlier, with the average time on the market declining from 190 days to 143 days.

Chicago Luxury Home Sales

Combined sales of attached and detached residences in Chicago selling for $1 million or more totaled 156 units in September and October. That was 42 percent more sales than were recorded during the same period last year. The median sales price was 4 percent higher at $1,325,000, and the average market time was 94 days, down from 174 days a year earlier.

Detached homes accounted for 87 units or 56 percent of the luxury transactions in Chicago during the September-October period. That total represented a 64 percent increase from the 53 sales completed a year earlier. The median sales price for a detached luxury home in September and October was $1.35 million, up 7 percent from the same period in 2012.

Perhaps the most striking result in the detached segment of the luxury market was the reduction in average market time, which fell 62 percent from 170 days a year ago to 65 days in September and October of 2013.

Sales of attached luxury homes in Chicago increased 21 percent to 69 units when compared to the same period in 2012, and the median sales price slipped 1 percent to $1.28 million. Average market time declined 26 percent to 131 days.

Sales of detached luxury home sales in Chicago continue to be concentrated in six areas: Lake View, Lincoln Park, Logan Square, Near North Side, North Center and West Town. Ninety-three percent of the 87 detached luxury sales closed in Chicago during the September-October period were in those communities, and the number of sales recorded in each community was larger than during the same period last year.

The Lincoln Park neighborhood topped the list with 32 sales at a median price of $1.45 million. Next were the Lake View and North Center neighborhoods, with 15 sales each. The median sales price was $1.43 million in Lake View and $1.25 million in North Center.

The Near North Side was again the leader in attached luxury sales, with 45 transactions at a median price of $1.4 million. It was followed by the Loop neighborhood, which had 11 sales with a median price of $1.22 million, and Lincoln Park, where seven sales were closed at a median price of $1.1 million. Those three communities accounted for 91 percent of September-October attached luxury sales in Chicago.

Suburban Luxury Home Sales

September-October home sales of $1 million or more totaled 181 units in suburban Cook County and the six other counties making up the metro Chicago area: DuPage, Kane, Kendall, Lake, McHenry and Will. That total represented a gain of 62 percent compared to 112 units sold a year earlier. The median sales price was $1,295,000, up 3 percent. Average market time was 183 days, 11 percent less than for the same period last year. All but three of the luxury residences sold in the suburbs were detached single-family homes.

The six suburban towns with the most luxury home sales were: Hinsdale and Winnetka, each with 21, Lake Forest with 19, Wilmette with 12, Glencoe with 11 and Highland Park with 10. Those six communities accounted for 52 percent of all luxury sales in the suburbs during the September-October period.
RE/MAX Northern Illinois
Laura Ortoleva