The inventory of listed Gold Coast real estate for sale continues to drop. There were 244 homes for sale in the Gold coast in January down 50% from January 2012 when there were 486 homes for sale.
As shown below the inventory of Gold Coast real estate for sale keeps setting 5 year lows.
Inventory of Gold Coast real estate for sale January 2008 - January 2013
The median sale price fell 35% to $350,000. This was partially due to a higher percentage of sales for smaller Gold Coast homes. In January 2013 2 bedroom and smaller sales were over 75% of total sales. In January 2012 they were less than 59% of sales.
The number of closed sales was up 7%. The average days on market for pending sales was up 3%. Pending sales were up 93%, so sales should do well in February.
WHAT THIS MEANS FOR GOLD COAST REAL ESTATE BUYERS
You have half the choices that you had a year ago. Thus, you won’t be able to negotiate nearly as much since there aren’t as many sellers competing against each other.
WHAT THIS MEANS FOR GOLD COAST REAL ESTATE SELLERS
Even with inventory at half the level of a year ago it isn’t a sellers’ market yet. As always, if your home is priced right (i.e. competitively) 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 |
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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 }
The downturn in available inventory sure does not seem to have much of an impact on buyers who are helping this market tremendously. You are right Fran, the next couple of months should be very good for sales as the pendings make it to closing.