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.
The number of Chicago homes for sale with an elevator is increasing. There are currently over 30 for sale. In 2012 34 such homes sold. In 2011 only 16 sold.
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.
Fran Bailey, Realtor