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 August I wrote about how inventory levels for Chicago mansions in the second quarter dropped over 13%. As shown below, the inventory was down all 4 past quarters compared to a year earlier.
In the third quarter there were 4 mansions sold and 7 pending sales. The median sale price was $2,337,500. The number of new listings rose from 6 a year ago to 10 in the third quarter.
The highest price for a mansion sold in the 3rd quarter was for 643 W. Arlington Place in Lincoln Park which sold for $2,825,000. The second highest sale was 4801 S. Ellis in Kenwood which sold for $2,625,000.
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 14 months. The average days on market was up 18% to 413 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, get our free home valuation.
CHICAGO MANSIONS FOR SALE
|All of Chicago||North Shore|
|Lincoln Park||St. Charles & Wayne|
|River North||Oak Brook|
|Prairie District||Burr Ridge & Hinsdale|
|Hyde Park & Kenwood|
CHICAGO LUXURY CONDOS FOR SALE
Click below to see the downtown Chicago luxury condos for sale in your desired price range.
|$5M+||$3M - $5M||$2M - $3M||$1.8M - $2M|
|$1.6M - $1.8M||$1.4M - $1.6M||$1.2M - $1.4M||$1M - $1.2M|
*Information is based on data from Midwest Real Estate Data (MRED).