CHICAGO—Sales of homes priced at $1 million or more in the metropolitan Chicago real estate market accelerated in 2015, while their median sales price declined slightly, according to a new quarterly report by RE/MAX. The firm analyzed all data compiled by MRED, the regional multiple listing service, on $1-million-plus home sales in the seven-county metro area.

There were 2,353 luxury home sales in 2015, 8% more than in 2014. The median sales price was $1.34 million, 1% less than in 2014. And the time required to find a buyer for those luxury properties rose slightly to 135 days from 131 days in 2014.

"I've spoken to our brokers who handle a fair amount of high-value transactions," Jim Merrion, regional director of the RE/MAX Northern Illinoisreal estate network, tells GlobeSt.com, and when it comes to the decline in sales prices,  "the primary culprit is turmoil." Although the buyers of more modestly-priced homes may not be put off by such external factors, the high-end buyers see the churning stock market, the extremely uncertain presidential election and the fears of possible terrorist attacks as reasons to hesitate.  

"The luxury market is the one segment of the metro Chicago residential real estate market in which we are seeing a high level of inventory," he adds, and "that fact contributed to the slight decline in the median sales price of luxury homes even as sales activity increased."

The high level of inventory developed partly because earlier in the recovery the relatively few sellers were getting good prices for their properties, Merrion says. And many of those contemplating a sale saw this and then jumped into the market at roughly the same time. "But things have changed. When the market is in turmoil, a lot of people hold onto their wallets."

Inventory has also increased because builders have become more active. In Chicago,  the detached market was buoyed by robust construction activity, including new homes and gut rehabs of older structures, RE/MAX found. Detached luxury sales increased 19% in the city during 2015, reaching 617 units, though the median sales price dipped 3% to $1,420,000. Furthermore, the expanded inventory helped boost average market time from 88 days in 2014 to 107 days in 2015.

The number of luxury attached homes sold in Chicago last year totaled 503 units, 2% more than in 2014, while the median price slipped 2% to $1,375,000. Average market time was 116 days, down from 128 days in 2014.

Total luxury transactions in the Chicago suburbs increased 6% in 2015 to 1,233 units, while the median sales price declined 1% to $1,285,000. The average market time of 156 days was almost the same as in 2014.