A total of 75 homes sold for $1 million or more during the month making it the second highest June tally ever. Compared to last June, a record-breaking month, sales were off by nearly -29% and year-to-date sales were down -36% from the first half of 2014.
Two units at The River sold for $3,769,500 which were the most expensive sales for the month. The most active community was Elbow Park/Glencoe with 7 sales, followed by Springbank Hill and West Springs with 6 sales each.
Through 6 months the highest demand was in Altadore/River Park with 25 sales. Next up was Elbow Park with 19 sales and then Aspen Woods with 18. (Luxury sales by community )
It isn’t unusual to see large price reductions in the luxury market. Pricing some of these homes is more of an art than a science if there aren’t recent sales comps. However, we can glean some insight into how specific homes are performing by comparing sale prices of those that have sold at least twice.
Of the 75 high-end sales in June, a third of them had previously sold on MLS® within the past 10 years. And of those 25 repeat sales, 4 of them sold for less than they were purchased (Luxury repeat sale prices )
Inventory figures will be added when CREB® releases the June stats on July 2nd.