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.