Gold Coast condos for sale down 48% in February!

The inventory of listed Gold Coast condos for sale continues to plummet. There were 228 condos for sale in Chicago’s Gold Coast in February down 48% from February 2012 when there were 442 condos for sale.*

Recently, I wrote about how the inventory of Gold Coast condos for sale was down 40% in November. The inventory is down 70% from February 2010 when there were 761 condos for sale in the Gold Coast. As shown below the condo (attached) inventory keeps setting 5 year lows.

Inventory of Gold Coast Condos & Houses For Sale January 2008 - February 2013

Inventory of Gold Coast Condos & Houses For Sale January 2008 - February 2013

The median sale price more than doubled rising from $200,000 to $435,000! It should be noted that this huge increase in median sale price is partially due to significantly more sales above $1M last month. In February 2012 there were only 2 Gold Coast condos sold for above $1M. Last month there were 8 sold.

The number of closed sales remained the same at 28. Pending sales were up 4%. Sale prices have gone from an average of 87.4% of original sale price to 92.8%.

WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS

The buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos.

WHAT THIS MEANS FOR GOLD COAST CONDO SELLERS

Don’t expect that you’ll get more for your condo now. It’s not a sellers market yet. As always, if your condo is priced right when it goes on market, it will sell in a reasonable amount of time. The average days on market for pending sales was up 54%. However, that was affected by the higher number of $1M+ condos sold which have higher days on market than more modestly priced condos.

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