Chicago mansions for sale down 17.5% in Q4

The inventory of Chicago mansions for sale in the fourth quarter dropped 17.5% from fourth quarter 2012. There were 33 houses with a minimum of 8,000 square feet for sale compared with 40 a year ago. The percent of distressed sales (short sales and foreclosures) dropped from 5% of the inventory to zero.

Back in November I wrote about how inventory levels for Chicago mansions in the third quarter rose 5.1%. As shown below, the inventory has been dropping for the past year and a half.

Chicago Mansions For Sale 4th Qtr. 2010 - 4th Qtr. 2013

In the fourth quarter there were 4 mansions sold and 5 pending sales. The median sale price was $5,537,500. The number of new listings fell from 9 a year ago to 7 in the fourth quarter.

The highest price for a mansion sold in the 4th quarter was for 1866-70 N Howe in Lincoln Park which sold for $9,035,000. The second highest sale was 1336 N State Pkwy in the Gold Coast which sold for $7,125,000.

Chicago mansions are scattered around the city, but most are in Lincoln Park, the Gold Coast or River North

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Chicago Luxury Homes For Sale

WHAT THIS MEANS FOR CHICAGO MANSION BUYERS

You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO MANSION SELLERS

If your home is priced right when it goes on market, it should sell in less than 5 months. The average days on market plunged 60% to 153 days.

Mansions take longer to sell due to a smaller market for them. The inventory has only varied by a few homes during the past few years. If you’re considering selling your home, contact me for a free market analysis.