The inventory of listed Gold Coast condos for sale is less than half what it was a year ago.* There were 210 condos for sale in Gold Coast in May down 51% from May 2012 when there were 431 condos for sale.
Three months ago, I wrote about how the inventory of Gold Coast condos for sale was down 48% in February. The inventory is down 73% from May 2010 when there were 787 condos for sale in the Gold Coast. As shown below, the condo inventory keeps setting 5 year lows.
The median sale price fell 18% to $410,000. The drop in median price was partially due to significantly lower sales for larger units.
The average sale price as a percent of original sale price was 94.4% up from 92.6%. The number of closed sales was up 13%.
WHAT THIS MEANS FOR GOLD COAST CONDO BUYERS
The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. Email me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. To schedule showings for any Gold Coast listings or a free, no obligation consultation email me.
WHAT THIS MEANS FOR GOLD COAST CONDO SELLERS
The average days on market for condo pending sales in the Gold Coast was down 36% in May. It took an average of 139 days to sell compared to 217 days a year ago. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your Gold Coast condo, 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 
