RE/MAX Luxury Report on Metro Chicago Real Estate: Third Quarter Saw High-End Home Sales Gain in Suburbs, Slow in City

RE/MAX Luxury Report

on Metro Chicago Real

Estate: Third Quarter

Saw High-End Home

Sales Gain in Suburbs,

Slow in City

CHICAGO - Sales in the

metro Chicago luxury

home market slowed

slightly during the third

quarter, with city and

suburban luxury sales

moving in opposite

directions. The RE/

MAX Luxury Report

on Metro Chicago Real

Estate reports that 728

properties sold for at

least $1 million during the

quarter. That compares

to 742 sales in the same

quarter last year, a 2

percent decrease.

Positive news in the

suburbs, where luxury

sales rose 5.5 percent to

420 units, was offset by

slowing sales in the Cit y

of Chicago, where activity

declined 10.5 percent to

308 units.

For the first nine months

of 2016, luxury sales

totaled 1,907 units, up

from 1,864 sales during

the same period last year,

an increase of 2 percent.

The RE/MAX report is

a quarterly analysis of $1

million-plus home sales

in Cook, DuPage, Kane,

Kendall, Lake, McHenry

and Will counties from

data compiled by Midwest

Real Estate Data (MRED).

Jack Kreider, executive

vice president and

regional director of RE/

MAX Northern Illinois,

pointed out that there

continues to be a large

inventory of luxury

homes for sale in the

metro Chicago area. The

inventory of homes listed for at least $1 million was

3,344 units at the end of

September, up from 2,722

one year earlier, a 23

percent increase.

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