The inventory of listed Gold Coast real estate for sale continues to drop. There were 367 homes for sale in the Gold coast in October down 32% from October 2011 when there were 541 homes for sale.
As shown below the inventory of Gold Coast real estate for sale keeps setting 5 year lows this year.
Inventory of Gold Coast real estate for sale January 2008 - October 2012
The median sale price rose 4% to $400,000. The number of closed sales was up 73%. The average days on market for pending sales was down 15%. Pending sales were up 74%.
WHAT THIS MEANS FOR GOLD COAST REAL ESTATE 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 REAL ESTATE 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 REAL ESTATE FOR SALE
Click below to see the Gold Coast real estate for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.
| $3M & Above | $2M to $3M | $1.5M to $2M | $1M to $1.5M |
| $900K to $1M | $800K - $900K | $700K to $800K | $600K to $700K |
| $500K to $600K | $400K to $500K | $300K to $400K | $200K to $300K |
SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS
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schedule showings for any listings
get a free market analysis for your home
or
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ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale. Fran 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
{ 1 comment… read it below or add one }
Well explained!Thanks.