Start your Gold Coast home search here.
Gold Coast
Housing Type: Condo
In comparing the Gold Coast market this month with last month we see a similar story that is playing out across the city. The number of condos for sale, condos under contract, and condos that have closed is close to the same from month to month. Since homes are closing this means that homes are also coming to the market, the numbers may be just about the same, but it's not due to a lack of activity. While most of the city is in a seller's market with very little inventory the Gold Coast has more inventory that is moving a little more slowly. For the most part the condos have a lower market time than the single family homes and townhomes in this neighborhood, but new construction such as at 4 E Elm and 9 W Walton adds to the inventory and competition among sellers. The median sales price for condos in the Gold Coast was $405,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
Gold Coast
Housing Type: Townhome
We have seen some more townhomes come to market, but we have not seen one close yet. The one that is under contract has a market time of only 51 days so far. However, in every price range that has active townhomes for sale there are listings that are over 200 days old and ones that are under 30 days old. We know from experience that the higher priced homes tend to take longer to sell. This is simply because they are over budget for more buyers. Although, we also know that homes that are priced for the market and well staged tend to sell quickly. The one that is under contract shows like it was designed for a magazine. It looks spacious, bright, clean, and luxurious.
Price Range: $400,000-800,000
Price Range: $800,000+
Gold Coast
Housing Type: Single Family Home
If you are planning on selling you single family home in the Gold Coast be prepared for longer listing times. Of the two that sold, with an average market time of 1024 days one took 750 days to sell and the other took 1297. The average market time for active homes is currently 439 days and the one that is under contract has been on the market for 283 days. Those in the $2-3m range have an average time of 377 days so far and those in the $3-4m range have an average market time of 701 days, although, two of those have market time between 330-350 days, one was cancelled (after this chart was made available) after 608 days, and the other has been on the market for 1426 days. The one with the longest listing time is still under contract and
Price Range: $1,000,000+
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 only has condos) 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!
Comments(3)