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.
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 here to see the Gold Coast real estate for sale in your desired price range.
QUESTIONS?
Call Fran at 773-793-4516, text or email
*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 
