RE/MAX Luxury Report on Metro Chicago Real Estate: High-End Home Sales Rebounded Sharply in Second Quarter of 2016
The metro Chicago luxury home market shook off a lackluster start to 2016 and enjoyed a substantial second-quarter rebound in terms of sales activity. According to the quarterly RE/MAX Luxury Report on Metro Chicago Real Estate, 832 properties sold for at least $1 million during the quarter, compared to 741 sales in the same quarter last year, a 12 percent increase.
For the first half of 2016, luxury sales totaled 1,179 units, up from 1,122 sales during the first six months of last year.
“The luxury market is still under pressure from a large inventory of available properties, especially in the suburbs, and that helps keep prices down,” noted Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. “There were 3,104 luxury homes on the market at the end of June, about a 15 month supply based on the pace of sales over the first half of this year.”