[marothisu]

Metro Chicago's $1-Million-Plus Home Market Set Sales Volume Mark in 2nd Quarter, While Prices Were Little Changed, According to RE/MAX Luxury Report

https://www.prnewswire.com/news-rele...300686593.html

Luxury home sales activity in the seven-county Chicago area increased modestly during the second quarter, while prices showed little upward momentum, according to the quarterly RE/MAX Luxury Report on Metro Chicago Real Estate. Home purchases of $1 million or more climbed to 916 units, up +1.9% from the same period last year. For the full first half of this year, the increase was +3.2% to 1,408 units. Both those transaction totals were the highest for their respective periods since RE/MAX began tracking luxury home sales in 2011.

"The luxury market isn't booming, but it is certainly doing well in terms of sales volume, and it is working through some of the excess inventory that accumulated over the 18 months prior to 2018," observed Jeff LaGrange, Vice President of the RE/MAX Northern Illinois Region. "The luxury inventory was -3.6% lower on June 30 than it was a year earlier. The exception to that trend was among luxury attached homes, primarily condominium units, in Chicago, where inventory increased +7.3% thanks to a steady supply of new construction.

The city luxury market had an active second quarter, with 457 homes changing hands, +7.3% more than during the same quarter last year. First-half sales gained +5.9%. The median sales price for the second quarter was $1,311,500, -2.3% less than last year's comparable figure. Average market time shortened to 127 days from 142 a year ago.

The second-quarter increase in units sold is attributable to a surge in attached-home sales, which rose +18.8% to 215 units. The median sales price for luxury attached homes slipped -2.4% to $1.29 million. The biggest gains in attached sales occurred in two emerging areas that have seen a good deal of new high-rise construction. Sales in the Near West Side totaled 23 units, a gain of +228.6%, while 15 luxury sales in the Near South Side represented a gain of +114.3%. Also showing sales strength was the Near North Side, the traditional leader in luxury attached sales, where 125 units were sold, an increase of +30.2%. However, other key areas saw fewer transactions for the quarter than in 2017. Sales dipped -20% in the Loop, -27.3% in Lincoln Park and -41.7% in Lake View.

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