Gold Coast condos for sale down 41% in November!

The inventory of listed Gold Coast condos for sale continues to drop. There were 297 condos for sale in the Gold Coast in November down 41% from November 2011 when there were 503 condos for sale.*

The inventory is down 58% from November 2010 when there were 700 condos for sale in the Gold Coast. As shown below the condo (attached) inventory keeps setting 5 year lows this year.

Inventory of Gold Coast condos for sale January 2008 - November 2012

Inventory of Gold Coast condos (attached) & houses (detached) for sale January 2008 - November 2012

The median sale price fell 15% to $412,500. The number of closed sales was up 33%. The average days on market for pending sales was down 46%. Pending sales were up 50%.

WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS

It’s still a buyer’s market, but you don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other.

WHAT THIS MEANS FOR GOLD COAST CONDO SELLERS

Given that the market appears to be forming a bottom, I don’t recommend selling unless
1. you really need to
or
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.) As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.

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

QUESTIONS?

Call us at 773-793-4516 or email us.

*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).

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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