Higher priced homes for sale in Gold Coast down, lower priced up in March

Here are the March 2014 Gold Coast Chicago market statistics and homes for sale in the Gold Coast by price range. Schedule a showing online!

The inventory of listed Gold Coast homes for sale in March was the same as a year ago.* There were 243 homes for sale in the Gold Coast in March exactly the same number as in March 2013.

However, when you look at price ranges it’s a tale of 2 markets. As shown below, the inventory is down in the higher price ranges and up in the lower prices.

Monthly Inventory of Gold Coast Homes For Sale By Price Range January 2008 - March 2014 Chart

Monthly Inventory of Gold Coast Homes For Sale By Price Range January 2008 - March 2014

The inventory in the $999,000+ market is down 4%. The inventory in the next highest price range, $489,900 to $989,999 is down 1/3. In the lower 2 prices ranges the inventory is up 25% for the $258,000 to $489,899 range and up 42% in the bottom price range.

The median sale price rose 36% to $425,000. The average sale price as a percent of original sale price was 92.4% up from 91.6%. Pending sales were up 8%. The number of closed sales was down 46%.

WHAT THIS MEANS FOR GOLD COAST HOME BUYERS

The market heat-up that we saw last year has cooled slightly in lower price ranges 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 HOME SELLERS

If your home is priced right when it goes on market, it should sell in under 4 months. The average days on market for pending sales in the Gold Coast was down 39% in March. It took an average of 125 days to sell compared to 220 days a year ago. Higher priced homes do take longer to sell. 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.

HOMES FOR SALE IN THE GOLD COAST

Click below to see the Gold Coast homes for sale in your desired price range.

$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

QUESTIONS?

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

*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