Plenty of Buyers and Sellers for Gold Coast Condos:Neighborhood Update

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

The Gold Coast condo market is remaining close to balanced. In most price ranges just about the same amount of homes came to the market as went under contract and sold in the last month. The notable exception is in the $1-2m range where more came to the market, pushing its inventory level towards a buyer's market. Sellers in the Gold Coast should be prepared for a listing time of a few months. They have more competition than in other neighborhoods, but there are also plenty of buyers looking for these homes. This market is really in a sweet spot for both sellers and buyers. See the chart at the bottom for an illustration of how months supply of inventory affects the market. The median sales price for condos was $522,500.

 

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

The only change we have seen in the townhomes is what looks to be a very quick sale in the $500-600k range. The home that is under contract has an extremely low market time of only 10 days. The townhomes in this neighborhood are still very much in a seller's market. It will likely be a long time before sellers will have much competition to worry about. In a market like this the main thing that holds a sale back is the price. Sellers need to price their home fairly to snatch the right buyer. The home that sold closed for $1,375,000.

 

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

The under $4m market is moving a little faster than the higher priced homes. Market times can still be pretty long for these homes though. Interestingly, the average market time for the homes that are under contract is 276 days. The three homes are listed between $1.5m-4m. Two of the homes have a market time of 357 days and 448 days. The third has the lowest market time of 24 days and it is the least expensive. The fact that it is the least expensive probably didn't have as much weight on its sales time as you might think. What really sells a home so fast is pricing it fairly. The one that is listed for $4m has a market time of 357 days, but it went under contract only 13 days after lowering the price. The one that has a market time of 448 days went under contract just over 3 months after lowering the price. How long do you think it would have taken these homes to sell if they priced them lower in the first place?

 

Price Range: $1,000,000-5,000,000

Gold Coast Chicago Real Estate Market Trends
Price Range: $5,000,000+

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.

 


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Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • February 17 2017 04:01PM

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