Gold Coast condos for sale down 51% in May

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.

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

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

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

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