Gold Coast condos for sale up 11% in May

The inventory of listed Gold Coast condos for sale in May was up for the first time in several years.* There were 259 condos for sale in Gold Coast in May up 11% from May 2013 when there were 223 condos for sale.

In December I wrote about how the inventory of Gold Coast condos for sale was down 32% in November . The inventory is down 62% from May 2008 when there were 674 condos for sale in the Gold Coast.

Monthly Inventory of Gold Coast Condos For Sale January 2008 - May 2014 Chart

Monthly Inventory of Gold Coast Condos For Sale January 2008 - May 2014

The median sale price dropped 22% to $310,000. The average sale price as a percent of original sale price remained the same at 94.2%. Pending sales were up 60%. The number of closed sales was down 17%.

WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS

The market heat-up that we saw last 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 2 months. The average days on market for condo pending sales in the Gold Coast was down 12% in May. It took an average of 35 days to sell compared to 40 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

QUESTIONS?

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

*Statistics include co-ops, 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