Luxury Real Estate Market: 2015

I am intrigued about the Luxury Real Estate Market for several reasons.

One of those reasons is a selfish one because I would rather sell one good high priced property than several small priced homes.

Second I would find selling a Luxury Home a challenge and I am always up for the challenge.

Third I think I have the knowledge and expertise to serve these clients well.

But before I approach anyone I think I have to be knowledgable about the Luxury Real Estate Market in my area so here are some interesting facts.

Top 10 Closed Home Sales in 2015:

Days on Mkt.                   $ Sale  Price                      Area/ County

53                                       $6,200,000                         Wilmette/ Cook

22                                       $6,100,000                         Winnetka/ Cook

265                                     $6,000,00                            Lake Forest/ Lake

272                                     $5,972,483                          Chicago/ Cook

85                                       $5,500,000                          Chicago/ Cook

446                                     $4,960,000                          Hinsdale/ Dupage

262                                     $4,883,623                         Chicago/ Cook

196                                     $4,880,000                         Woodstock/ McHenry

1                                         $4,818,784                          Chicago/Cook

16                                       $4,750,000                          Chicago/Cook


Top 10 Expired Homes in 2015


Days on Mkt.                    $ Last List Price                  Area/ County

395                                     $11,200,000                           South Barrington/ Cook

365                                     $8,985,000                             Chicago/Cook

30                                       $7,980,000                             Chicago/Cook

1089                                  $7,900,000                              St Charles/Kane

183                                    $7,900,000                              Winnetka/ Cook

366                                     $7,750,000                               Winnetka/Cook 

366                                   $7,000,000                                 Hinsdale/Dupage

157                                   $6,295,000                               Winnetka/Cook

461                                    $6,200,000                                Lake Forest/ Lake

91                                      $599,999,000                         Highland Park/Lake


Summary/ Conclusion:

There are alot Luxury Homes in my market. 7 out of 10 homes sold were in Cook County and 6 out 10  expireds were in Cook County.

The Highest priced home sold was $6,200,000 vs the Highest expired was $11,200,000

While there appears to be a market for Luxury Homes there also is a price point on what is selling in the MLS. The Avgerage Sale is $4,903,000 and the Average Expired is $7,720,000,

In order for these expireds to sell they need to adjust their asking price to sell in the MLS or Market to buyers in a different way.

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