The inventory of Chicago mansions for sale in the third quarter rose 5.1% from third quarter 2012.* There were 41 houses with a minimum of 8,000 square feet for sale compared with 39 a year ago. The percent of distressed sales (short sales and foreclosures) dropped from 13% of the inventory to zero. Back in […]

In the first quarter there were no sales of listed mansions in Chicago. For the past 3 years there have been an average of 3 houses sold in Chicago with a minimum of 8,000 SF.

Back in August I wrote about how inventory levels for Chicago mansions had been rising. That changed in the 3rd quarter of 2012 when the number of listed Chicago mansions for sale dropped 13.3% from a year earlier. In the 4th quarter the drop was 23.1%.

The median sale price of listed Chicago mansions (houses with at least 8,000 SF) was only $155,000 in the 3rd quarter, down 96% from 3rd quarter 2011 when the median sale price was $3.85M! I looked at the data to see how this could possibly be.

Inventory levels have been dropping over the past few years for Chicago condos and houses, but not Chicago mansions! The inventory of listed Chicago mansions for sale continues to rise. There were 52 single family homes with a minimum of 8,000 SF for sale in Chicago in the second quarter up 19.8% from second quarter 2011