The inventory of listed Gold Coast condos for sale is less than half what it was a year ago.* There were 210 condos for sale in Gold Coast in May down 51% from May 2012 when there were 431 condos for sale.
Three months ago, I wrote about how the inventory of Gold Coast condos for sale was down 48% in February. The inventory is down 73% from May 2010 when there were 787 condos for sale in the Gold Coast. As shown below, the condo inventory keeps setting 5 year lows.
The median sale price fell 18% to $410,000. The drop in median price was partially due to significantly lower sales for larger units.
The average sale price as a percent of original sale price was 94.4% up from 92.6%. The number of closed sales was up 13%.
WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS
The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. Email me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. To schedule showings for any Gold Coast listings or a free, no obligation consultation email me.
WHAT THIS MEANS FOR GOLD COAST CONDO SELLERS
The average days on market for condo pending sales in the Gold Coast was down 36% in May. It took an average of 139 days to sell compared to 217 days a year ago. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your Gold Coast condo, email 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|
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).