Luxury Home Sales In West Town Surged in 2017: Report

CHICAGO, IL — The city's West Town neighborhood saw a surge in $1 million-plus home sales in 2017, according to the latest RE/MAX luxury home report. The sales of luxury single-family homes were concentrated in eight city community areas, primarily on the north and northwest sides. Lincoln Park topped the list with 177 sales, according to the report.

The runner-up was North Center, where luxury sales totaled 152 homes. Next were Lake View with 110 sales, West Town with 94, Logan Square with 45, Lincoln Square with 28, the Near North Side with 23 and Uptown with 14.

Luxury detached sales rose most sharply in North Center, up 26.7 percent, and West Town, up 22.1 percent. Of the top eight communities, only the Near North Side had fewer sales in 2017 than in 2016.

“The luxury market remains quite buyer friendly,” said Jeff LaGrange, vice president, RE/MAX Northern Illinois Region. “With steady prices and an ample supply of listings among which buyers can choose.”

The median sales price dipped 1.7 percent to just under $1.35 million. Average market time for those homes was 136 days, three days longer than during the prior year.

“Luxury sales in the city were up sharply in 2017, gaining 18 percent to 1,332 units,” said LaGrange.

Attached-home sales in the city were particularly brisk. This category, which includes condominium apartments and townhouses, saw sales rise 32.9 percent to 647 units, while average market time fell from 125 to 117 days. The median sales price slipped 2.4 percent to $1,318,000, reflecting at least in part the 26.4 percent growth in luxury attached-home inventory.

The Near North Side remained the leader in the attached luxury category with 320 sales, representing a 16.8 percent increase. Other leading areas for luxury attached sales were Lincoln Park with 128 sales, a 75.3 percent increase; the Loop with 59 sales equating to a 1.7 percent increase, and the Near South Side with 40 sales, a gain of 25 percent.

Sales of single-family homes totaled 685 units in the city, 6.7 percent more than in 2016, and their median price was $1.36 million, a 1.9 percent decline. Year-end inventory was down 22.6 percent to 326 units.

Main image via Realtor.com

[MOVE NEW HOMES]