Chicago mansions for sale down 13.5% in Q2

The inventory of Chicago mansions for sale in the second quarter dropped 13.5% from second quarter 2012.^* There were 45 houses with a minimum of 8,000 square feet for sale compared with 52 a year ago. The percent of distressed sales (short sales and foreclosures) dropped from 14% of the inventory to 2%.

Back in January I wrote about how inventory levels for Chicago mansions in the fourth quarter dropped over 23%. Chicago mansions are scattered around the city, but most are in Lincoln Park, the Gold Coast or River North

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Chicago Mansions For Sale 2nd Qtr. 2010 - 2nd Qtr. 2013 Chart — Chicago Mansions For Sale 2nd Qtr. 2010 - 2nd Qtr. 2013

In the second quarter there was 1 mansion sold and 2 pending sales. The average days on market shot up 222% to 654 days.

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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

Mansions take longer to sell due to a smaller market for them. The inventory is down from a year ago, but not much lower than in 2010 and 2011. If you’re considering selling your home, get our free home valuation.