Gold Coast condos for sale down 32% in November

The inventory of listed Gold Coast condos for sale was down nearly a third in November from a year ago.* There were 213 condos for sale in Gold Coast in November down 32% from November 2012 when there were 313 condos for sale.

In September I wrote about how the inventory of Gold Coast condos for sale was down 60% in August . The inventory is down 71% from November 2009 when there were 741 condos for sale in the Gold Coast. As shown below, the condo inventory keeps setting 6 year lows.

Monthly Inventory of Gold Coast Condos For Sale (gray) & Houses For Sale (red) January 2008 - November 2013 Chart

Monthly Inventory of Gold Coast Condos For Sale (gray) & Houses For Sale (red) January 2008 - November 2013

The median sale price dropped 20% to $330,000. The average sale price as a percent of original sale price was 90.7% down from 91.1%. Pending sales were down 16%. The number of closed sales was down 28%.

WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS

The market heat-up that we saw this year has cooled slightly in the Gold Coast. However, you still 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 GOLD COAST CONDO SELLERS

If your home is priced right when it goes on market, it should sell in under 3 months. The average days on market for condo pending sales in the Gold Coast was down 50% in November. It took an average of 79 days to sell compared to 157 days a year ago. With the market cooling slightly you definitely should not price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.

GOLD COAST CONDOS FOR SALE

Click below to see the Gold Coast condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS

Contact me to
schedule showings for any listings
get a free market analysis for your home
or
request additional information

*includes co-ops, apartments and townhouses

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More

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