Long Market Times Affect Gold Coast Sales: Neighborhood Update

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

 

While most of the markets in Chicago continue to enjoy a seller's market the condos in the Gold Coast are still in a buyer's market and the market times are increasing. This should not be a cause for panic, but it is very important that the sellers of these homes understand their unique situation. As we see in the $600-700k range homes can still sell very quickly. The key is in the price and marketing. Price your home just a little low and buyers will fight over it. The closer sellers in this market price to fair market value the faster their home will likely sell. The median sales price for Gold Coast condos was $515,000.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

 

 

 

 

 

 

 

 

 

 

Gold Coast

Housing Type: Townhome

Although one townhome sold in only 6 days most are taking a few months to sell. On average homes are selling at 88.2% to the original list price. The home that sold so quickly closed at about 93% of the original asking price. Just like with the condos sellers who list closest to market value will likely have the easiest time finding a buyer. The median sales price of Gold Coast townhomes was $640,000.

 

Price Range: $400,000-800,000

Price Range: $800,000+

Gold Coast

Housing Type: Single Family Home

 

The single-family homes continue to have long market times. The homes that are under contract currently have an average listing time of 473 days and those that are active have an average market time of 369 days so far. These home pick from one of the smallest buyer pools in the city. Most of them are over 100 years old and the list prices range from $1.5m-12.5m, plus one home that is listed for $22m. The buyers for these homes not only need to have substantial wealth, they must be prepared to live in an old mansion that will need more upkeep than a new high-rise for the same price. It's a particular lifestyle and the seller's need to be prepared to market to that.  

 

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

Price Range: $5,000,000+

 

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 0 commentsTerri Buseman • November 25 2017 05:25PM

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