Chicagoland Luxury Home Sales Increased Nearly 50% Year over Year

By Brooke Balco, Communications Specialist, Regional Support Center

In October, with 25.6% more luxury home listings taken than October of 2012, property sales nearly doubled according to a new report by Coldwell Banker Previews International®, the luxury division of Coldwell Banker Residential Brokerage.

The results are based on Multiple Listing Service data of all homes sold in October 2013 for more than $750,000 in the Chicagoland area*.

“It’s exciting to see so many new luxury listings hitting the market,” said Fran Broude, president of Coldwell Banker Residential Brokerage. “Homeowners who are thinking about selling don’t necessarily have to wait until spring to list their home.  Serious buyers are in the market year round.”

A total of 336 luxury homes in the region sold in October, up 48% from a year ago when 227 high-end properties changed hands. On a monthly basis, sales were 6.7% lower than September’s 360 property sales.

The number of new listings taken in October was 725, up 25.6 percent from 577 in October of last year.  Other indicators that show positive market trends year over year are decreasing market times and increasing median sales prices.  In October, the average amount of days for a property to be on the market before selling was 71, down 18.4 percent to last year.  Median sales price increased to $999,950 up 2 percent from October of last year and from September 2013.

The upper end of the luxury market showed strength as well with 30 property sales over $2 million in October, up 172 percent from October of last year.  The most expensive sale in the Chicagoland area was a 6,000 square foot new construction home located in the Lincoln Park neighborhood of Chicago.  It was listed for $4.2 million and sold for $3.9 million.  Coldwell Banker’s Pamela Rueve was the selling agent.

*Based on information from Midwest Real Estate Data LLC for the period 11/1/2010 through 10/31/2013 for Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties.

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