Gold Coast Homes Taking Longer to Sell: Neighborhood Update

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

Just like last month, there hasn't been a lot of activity among the condos in the Gold Coast. That is why we are seeing listing times of 3-4 months. The most activity has been in the $2m+ range where it looks like 4 have gone under contract and 15 have been listed. We still have a wide variety of price ranges in that category, so below we have included a chart to show the months supply of inventory among various price ranges above $2m. In that, we can see that there is more inventory in the $2-4m range. These sellers have more competition and will need to be prepared for longer market times. However, going up in price from there brings you to some of the most expensive condo listings in the city. These homes almost always take longer to sell since fewer people can afford them and they may have very taste specific attributes that would be expensive to change. The median sales price for condos in the Gold Coast was $455,000.

 

Price Range Months Supply Price Range Months Supply
$2-3m 7.2 $7-8m 0
$3-4m 7 $8-9m 2
$4-5m 4 $9-10m 0
$5-6m 3.1 $10-11m 0
$6-7m 3 $11m+

5.2

 

Price Range: $400,000-$800,000

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

Price Range: $800,000+

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

Gold Coast

Housing Type: Townhome

Since we wrote our last report on the Gold Coast on July 27 it hasn't been quite a month since the home that took 313 days to sell sold. That's why we are seeing it on this chart, even though we reported on it last month. There is still a high demand for townhomes in this market, that's why one sold in 6 days. The average market time for those that are under contract is 142 days and for those that are on the market it is 351. Even though there are buyers looking for townhomes in the Gold Coast first impressions are still very important. Be sure to declutter, stage, and market your home in the best light for the quickest sale. The median sales price for townhomes was $926,000.

 

Price Range: $400,000-800,000

Gold Coast Chicago Real Estate Market Trends

Price Range: $800,000+

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

 

Gold Coast

Housing Type: Single Family Home

There hasn't been a lot of activity among the single family homes. Three listings were canceled with an average list time of 95 days. Two of those are in the $2-3m range where the average market time for active homes is currently 503 days with a low time of 234 days and a high of 800 days. We don't know why the listings were canceled, but oftentimes it is due to a long market time. It is very important to understand your own market. While much of the country is in a seller's market that is not the case for everyone and it is definitely not the case for these homes. When a seller has a good grasp of his own market he will be better prepared for the length of marketing time he may be facing and the prices buyers will make offers at.

 

Price Range: $1,000,000+

Gold Coast Chicago Real Estate Market Trends

 

 

Start your Gold Coast home search here.

 

*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.

When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop doesn't have houses) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • August 24 2016 03:11PM

Comments

Thank you for taking the time to share this.  This is perfect information for anyone interested in buying or selling real estate.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) about 2 years ago

Thanks Jim!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) about 2 years ago

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