Forty-seven homes priced at $4 million or more were sold in Chicago last year, up from 29 in 2005, according to statistics on new and resale condos and houses from the Multiple Listing Service of Northern Illinois, compiled by the Chicago Association of Realtors.
The average market time for the high-end (mega-luxury?) homes was a year, according to Rubloff Residential Properties‘ president James Kinney, who supplied the CAR figures. Kinney said the market time wasn’t so bad, considering that the average market time for all types of homes on the overall market is 100 days.
(Market times, of course, don’t always give the full picture. Developers sometimes take a slow-selling home off the market and relist it after the required 90-day period.)
In January 2007, Chicago has 58 homes and condos listed for sale at $4 million or higher, according to CAR.