Welcome!

News Feed Item

RE/MAX Luxury Report on Chicago Real Estate: $1 Million-Plus Homes Selling More Quickly So Far This Year

CHICAGO, July 30, 2014 /PRNewswire/ -- The luxury segment of the metropolitan Chicago real estate market experienced relatively steady market conditions during the first half of 2014, with one notable exception.  Luxury homes sold much more quickly in the January-June period than they did in recent years, according to the RE/MAX Luxury Report on Chicago Real Estate, a bimonthly analysis of home sales at $1 million plus.  

RE/MAX Northern Illinois.

The average time on the market for luxury properties sold during the first six months of this year in the seven-county Chicago metropolitan area was 135 days.  That compares to a first-half average of 191 days last year. 

Both the number of luxury properties sold and their median sales prices increased over 2013 results for the first half of the year.  Luxury sales in the seven-county area totaled 939 units, 4 percent more than last year.  The median sales price was $1.35 million, up from $1.32 million a year ago.

Luxury sales completed from January through June this year were strongest in the city.  Sales rose to 442 units from 403 units in 2013, a gain of 10 percent.  The median sales price edged up to $1.4 million from $1.39 million a year ago.

Suburban luxury sales slipped slightly from 500 units last year to 497 this year, and the median sales price rose 4 percent to $1.32 million

City Sales

Sales of attached homes (condominiums, townhouses and co-ops) in Chicago priced at or above $1 million totaled 229 units during the first half of this year, 23 percent more sales than the comparable period of 2013.  Average market time shortened to 133 days from 231 days a year earlier.  The median sales price was $1.38 million, compared to $1.4 million a year earlier.

Sales activity increased in each of the three neighborhoods that dominate the luxury-attached market – rising 25 percent in the Loop, 129 percent in Lincoln Park and 7 percent in Near North.  The median sales price was $1.2 million in Lincoln Park and $1.4 million in the Loop and Near North.

In the single-family home (detached) segment, sales in Chicago totaled 213 units during the January-June period, compared to 216 units a year earlier.  The median sales price was $1.4 million, up from $1.37 million last year. 

Three areas dominated the activity in sales of detached luxury homes: Lincoln Park, where there were 64 sales at a median price of $1.7 million; Lake View, which had 44 sales at a median price of $1.4 million, and North Center, which had 34 sales at a median price of $1.3 million

Suburban Sales

Winnetka was the most active suburban luxury market, with 59 homes sold during the first half of this year at a median price of $1.66 millionHinsdale and Wilmette were close behind, each with 56 luxury sales.  The median sales price was $1.56 million in Hinsdale and $1.3 million in Wilmette.

Other top suburban luxury markets included Lake Forest with 45 luxury sales at a median of $1.35 million, Glenview with 34 sales at a median of $1.17 million and Glencoe with 33 sales at a median of $1.4 million

RE/MAX has been the leader in the northern Illinois real estate market since 1989.  The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,000 sales associates and 100 individually owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services.  Its mobile real estate app and www.illinoisproperty.com provide comprehensive information about residential and commercial property for sale in the region.  The northern Illinois network is part of RE/MAX, LLC, a global real estate organization with 90,000+ sales associates in 90+ nations.                          

Logo - http://photos.prnewswire.com/prnh/20140116/CG48021LOGO

SOURCE RE/MAX Northern Illinois

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.