CHICAGO—The metro Chicago luxury home market shook off a lackluster start to 2016 and enjoyed a substantial second-quarter rebound, according to a quarterly report by RE/MAX . The leading broker analyzed data compiled by Midwest Real Estate Data and found 832 properties in the seven-county region sold for at least $1 million during the quarter, compared to 741 sales in the same quarter last year, a 12% increase. For the first half of 2016, luxury sales totaled 1,179 units, up from 1,122 sales during the first six months of last year. However, unlike the market for more modestly-priced homes, which has seen the number of homes in its inventory plunge, the luxury market has built up a big supply, especially in the suburbs, as the time needed to sell has increased. "The luxury market was in a slumber throughout the 1 ^st quarter of 2016 that led to high inventory levels without much demand from the buyers," Jack Kreider , executive vice president and regional director , tells GlobeSt.com. " While sales picked up in the 2 ^nd quarter, the number of listings that hit the market also increased steadily leading to the increased amount of available properties." "As a whole, we are seeing a lot of the housing demand come from first-time home buyers, growing families and those that are re-entering the market from foreclosure, not so much those buyers who can afford the luxury market, which leads to that difference between the two sectors." The second quarter median sales price of luxury residences in the seven-county area fell from $1,350,000 last year to $1,309,000 this year, a 3% decline. And average market time for the second quarter increased to 164 days from 132 days a year earlier. Luxury home sales activity in Chicago was up 18% to 398 units, accounting for 48% of all luxury sales in the metro area during the quarter. For the entire first half of 2016, city luxury sales totaled 580 units, 6% more than the same period last year. In the Chicago suburbs, luxury sales for the second quarter totaled 434 units, 7% more than the same period in 2015. However, the median sales price of a luxury suburban home dipped to $1,260,000, down 1.6%, and the average market time rose to 198 days from 152 days a year earlier. There were 599 luxury sales in the suburbs over the first half of 2016, 4% more than for the same six-month period last year. Glencoe, Highland Park, Northbrook and Wilmette were the suburbs with the largest percentage increase in luxury transactions during the second quarter. Sales in Glencoe totaled 31 units, representing a 107% increase over the same quarter in 2015. Highland Park had 20 sales, up 122%. CHICAGO—The metro Chicago luxury home market shook off a lackluster start to 2016 and enjoyed a substantial second-quarter rebound, according to a quarterly report by RE/MAX . The leading broker analyzed data compiled by Midwest Real Estate Data and found 832 properties in the seven-county region sold for at least $1 million during the quarter, compared to 741 sales in the same quarter last year, a 12% increase. For the first half of 2016, luxury sales totaled 1,179 units, up from 1,122 sales during the first six months of last year. However, unlike the market for more modestly-priced homes, which has seen the number of homes in its inventory plunge, the luxury market has built up a big supply, especially in the suburbs, as the time needed to sell has increased. "The luxury market was in a slumber throughout the 1 ^st quarter of 2016 that led to high inventory levels without much demand from the buyers," Jack Kreider , executive vice president and regional director , tells GlobeSt.com. " While sales picked up in the 2 ^nd quarter, the number of listings that hit the market also increased steadily leading to the increased amount of available properties." "As a whole, we are seeing a lot of the housing demand come from first-time home buyers, growing families and those that are re-entering the market from foreclosure, not so much those buyers who can afford the luxury market, which leads to that difference between the two sectors." The second quarter median sales price of luxury residences in the seven-county area fell from $1,350,000 last year to $1,309,000 this year, a 3% decline. And average market time for the second quarter increased to 164 days from 132 days a year earlier. Luxury home sales activity in Chicago was up 18% to 398 units, accounting for 48% of all luxury sales in the metro area during the quarter. For the entire first half of 2016, city luxury sales totaled 580 units, 6% more than the same period last year. In the Chicago suburbs, luxury sales for the second quarter totaled 434 units, 7% more than the same period in 2015. However, the median sales price of a luxury suburban home dipped to $1,260,000, down 1.6%, and the average market time rose to 198 days from 152 days a year earlier. There were 599 luxury sales in the suburbs over the first half of 2016, 4% more than for the same six-month period last year. Glencoe, Highland Park, Northbrook and Wilmette were the suburbs with the largest percentage increase in luxury transactions during the second quarter. Sales in Glencoe totaled 31 units, representing a 107% increase over the same quarter in 2015. Highland Park had 20 sales, up 122%.

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