The inventory of listed Gold Coast condos for sale is well less than half what it was a year ago.* There were 216 condos for sale in Gold Coast in August down 60% from August 2012 when there were 363 condos for sale.
Three months ago, I wrote about how the inventory of Gold Coast condos for sale was down 51% in May. The inventory is down 73% from August 2010 when there were 795 condos for sale in the Gold Coast. As shown below, the condo inventory keeps setting 6 year lows.
The median sale price remained the same at $365,000. The average sale price as a percent of original sale price was 95.6% up from 90.8%. The number of closed sales was up 19%.
WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS
Lower inventory, rising sales and a higher average sale price as a percent of original sale price signal that the buyers market is over. You 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 just over 2 months. The average days on market for condo pending sales in the Gold Coast was down 64% in August. It took an average of 64 days to sell compared to 180 days a year ago. Just because the market is improving doesn’t mean you should 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, get our free home valuation.
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 Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
