Luxury sales gather pace in the Windy City

by Steve Randall30 Oct 2017
Sales in the luxury home market in the Chicago Metro gained in the third quarter of 2017 as sales soared in the City of Chicago, according to RE/MAX.

Sales were 1.8% higher than the same period of 2016 with 741 units; year-to-date luxury home sales were 10% up on the same period of 2016 with 2,095 properties selling.

Tighter inventory of seven figure homes was 5% down at the end of September compared to a year earlier.

The median sales price of a luxury home in the third quarter was down 1.7% year over year at $1.31 million.

"The quarter just ended underscored a fairly stable luxury market," explained Chris Calomino, marketing communications manager for RE/MAX Northern Illinois. "Over the last four years, third-quarter sales have held in a narrow range, with a high of 742 units in 2015 and a low of 728 units in 2016. An encouraging sign this quarter was the decline in luxury inventory because we've seen a significant increase in luxury listings over the last few years."

In the city of Chicago third-quarter luxury home sales were up 15.6% year over year to 356 units well the median sales price was down 3% to $1,342,500

More market update: