Million-dollar North Side condo market on a roll
Loop North News

The Home Front

(Above) Living room of a condo unit at 50 East Chestnut in the Gold Coast neighborhood of downtown Chicago.

6-Aug-17 – The million-dollar single-family home, townhouse, cooperative apartment, and condominium market on Chicago’s North Side is on a roll in 2017, statistics show.

Sales of luxury attached and detached homes priced at $1 million or more in Chicago rose seven percent to 496 units in the second quarter of 2017, according to the RE/MAX Luxury Report on Metro Chicago Real Estate.

However, the median sales price slipped 2.2 percent to $1.343 million as a rising number of expensive homes hit the market. Chicago’s luxury home inventory expanded by 26.3 percent to 1,132 units in the second quarter. Average market time rose to 142 days for homes sold during the quarter, up from 126 days a year earlier.

For luxury detached single-family homes in Chicago, inventory increased a more restrained 10.3 percent, while sales were up 5.6 percent to 245 units. The median sales price for a detached home dipped by 2.3 percent to $1.35 million, and average market time increased by nine days to 159 days.

Jack Kreider “The good news is that luxury sales for the quarter were the highest we’ve seen since we began tracking that data in 2011,” said Jack Kreider (left), executive vice president and regional director of RE/MAX Northern Illinois. He noted that the suburban luxury market also showed continued signs of improvement after a slow year in 2016.

“What concerns us is that the growth in the inventory of unsold luxury properties in Chicago has risen significantly this year,” Kreider said. “However, it is encouraging to see that luxury sales in the city did register a modest quarterly gain.”

Here’s a breakdown of sales in Chicago’s hottest luxury home neighborhoods...

North Center. For the second consecutive quarter, North Center – anchored by top-ranked Bell Elementary School – topped all city neighborhoods in luxury sales with 68 million-dollar homes sold in the second quarter. That’s a gain of 41.7 percent over the same period last year.

Lincoln Park. The traditional luxury home sales leader recorded sales of 64 million-dollar homes in the second quarter. The number matched the second quarter of last year.

Lakeview. This hot lakefront neighborhood posted sales of 40 homes priced at $1 million or more.

West Town. Trendy West Town – which features The 606 jogging/biking trail – recorded the sale of 30 million-dollar homes.

Number of unsold homes has doubled in three years

Despite strong second-quarter sales, inventory of unsold luxury properties in Chicago at the end of June was nearly twice what it was three years earlier, RE/MAX reported.

The growth in inventory occurred primarily among attached units, which include condominiums, cooperatives, and townhouses. The attached luxury inventory rose 44.7 percent from its year-earlier level to 605 units.

At the same time, attached sales for the quarter gained nine percent to 181 units, and the median sales price inched up 0.1 percent to $1.326 million. The quarter’s average market time rose from 92 days last year to 120 days in 2017.

Luxury attached sales were especially strong in the Loop, where they rose 33.3 percent to 20 units, and in Lincoln Park, where the increase was 17.9 percent to 33 units.

(Right) Penthouse unit at The Legacy at Millennium Park. Asking price for this three-bedroom unit on the 72nd floor is $5.495 million. The Legacy at Millennium Park

Sales of million-plus luxury homes, townhomes, condos, and co-ops increased in the metropolitan Chicago area during the second quarter of 2017, according to the RE/MAX Luxury Report, a quarterly analysis of million-dollar-plus home sales in Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will counties from data compiled by Midwest Real Estate Data.

Overall luxury home sales in the second quarter rose eight percent to 899 units, and the median sales price was essentially unchanged from last year at $1.3 million.

The inventory of homes priced at $1 million or more was 2.2 percent higher at the end of June than it had been a year earlier – and during the second quarter, luxury homes sold averaged 167 days on the market, up from 164 days a year ago.

Across Chicago suburbs, luxury sales increased nine percent for the quarter to 473 units. The median sales price gained 1.2 percent to $1.275 million, while average market time fell to 189 days from 198 days a year earlier. The inventory of 2,041 luxury units was 7.6 percent lower than a year ago.

Sales strongest in Hinsdale and Winnetka

Among the suburban communities where luxury homes are most common, the sales picture was mixed. Hinsdale and Winnetka continued their battle for leadership in the luxury market. Hinsdale posted 51 sales compared with 50 for Winnetka. Elmhurst recorded the strongest sales increase, with 18 luxury sales compared to eight a year earlier.

Other luxury markets showing improved sales were Barrington, Evanston, Glenview, Highland Park, and Lake Forest. Lake Forest also enjoyed the sharpest increase in its median sales price, which rose 15.2 percent to $1.62 million.

Communities seeing fewer luxury sales in the quarter were Glencoe, Naperville, Northbrook, and Wilmette, RE/MAX reported.

By Don DeBat | Loop North News | ddebat@loopnorth.com

Published 6-Aug-17 11:04 PM

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