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The RE/MAX Luxury Report on Chicago Real Estate

by Anne Marie Scalambrino

The first half of 2013 produced a significant increase in luxury home sales in Chicago.

luxury-home-salesRE/MAX conducted its Luxury Report on Chicago Real Estate by implementing a bimonthly analysis of city home sales at $1 million plus.

Here are RE/MAX’s statistics

Home Sales:

  • Home Sales that were listed as $1 million-plus in the City outpaced Broader Market in the first half of 2013.
  • Sales rose 33 percent, from 300 to 399 units sold, with the median sales price at $1,395,000.
  • The average time it took for a luxury home to go under contract once it was listed was 193 days.

Detached Homes:

  • Sales increased 48 percent, from 146 units to 216, with the median sales price of $1.37 million- 5 percent higher than the first half of 2012.
  • The average market time was 158 days compared to 194 in 2012.
  • Lincoln Park had the most sales with 70 with a median price of $1.67 million. Second was North Center was 48 sales with a median price of $1.25 million. Third was Lakeview with 43 and a median price of $1.43 million.

Attached Homes:

  • Attached homes which include condos, townhouses, and co-ops had a sales increase increased of 19 percent and totaled 183 units.
  • The median price increased 4 percent and was $1.41 million.
  • The average market time decreased from 252 to 233.
  • The Near North Side remained number one in attached homes with 127 sales with a median price of $1.54 million.

May-June Luxury Sales
The luxury home sales in Chicago during May and June were on pace for the first half of 2013. Sales were up 33 percent from 146 units to 194, compared to last year.

Interestingly, the entire increase in transactions for May and June were in the detached segment. One hundred and eighteen residences were sold, up a whopping 69 percent compared to last year’s 70 residences, while attached home sales remained the same at 76 units.

Yet, the median prices for attached luxury properties increased four percent from $1.4 million during May and June last year, to $1.47 million this year, and the median price for detached homes decreased three percent.

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