Gold Coast condos for sale down 48% in February!

The inventory of listed Gold Coast condos for sale continues to plummet. There were 228 condos for sale in Chicago’s Gold Coast in February down 48% from February 2012 when there were 442 condos for sale.^*

Recently, I wrote about how the inventory of Gold Coast condos for sale was down 40% in November. The inventory is down 70% from February 2010 when there were 761 condos for sale in the Gold Coast. As shown below the condo (attached) inventory keeps setting 5 year lows.

Inventory of Gold Coast Condos & Houses For Sale January 2008 - February 2013

The median sale price more than doubled rising from $200,000 to $435,000! It should be noted that this huge increase in median sale price is partially due to significantly more sales above $1M last month. In February 2012 there were only 2 Gold Coast condos sold for above $1M. Last month there were 8 sold.

The number of closed sales remained the same at 28. Pending sales were up 4%. Sale prices have gone from an average of 87.4% of original sale price to 92.8%.

WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS

The buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos.

WHAT THIS MEANS FOR GOLD COAST CONDO SELLERS

Don’t expect that you’ll get more for your condo now. It’s not a sellers market yet. As always, if your condo is priced right when it goes on market, it will sell in a reasonable amount of time. The average days on market for pending sales was up 54%. However, that was affected by the higher number of $1M+ condos sold which have higher days on market than more modestly priced condos.