Start your Gold Coast home search here.
Gold Coast
Housing Type: Condo
There haven't been any major changes in the Gold Coast condo market over the last month. There are still some new construction buildings adding to the inventory and helping to balance out the market. A balanced market is between 6-7 months of inventory and it basically means there is enough inventory on the market to give buyers a choice, but homes aren't sitting for too long and they are priced pretty accuratley. The $2m+ range still consists of homes priced from $2-12.5m, so by drilling down that range even more we can see that the months supply of inventory has gone down just a little bit in the $2-5m range and is quite balanced. The median sales price for condos in the Gold Coast was $467,000.
| Price Range | Months Supply | Price Range | Months Supply |
| $2-3m | 6.7 | $7-8m | 1 |
| $3-4m | 6.8 | $8-9m | 2 |
| $4-5m | 4.7 | $9-10m | 0 |
| $5-6m | 3.9 | $10-11m | 2 |
| $6-7m | 3 | $11m+ | 5.3 |
Price Range: $400,000-$800,000
Price Range: $800,000+
Gold Coast
Housing Type: Townhome
With market times of 17 and 34 days it is clear that there are buyers looking for townhomes in this neighborhood. It is deeply in a seller's market across the board. If you have a townhome to sell take care to present it well, with staging, marketing, and an attractive price. You will likely sell very fast.The median sales price for condos was $937,500.
Price Range: $400,000-800,000
Price Range: $800,000+
Gold Coast
Housing Type: Single Family Home
The single family homes in the Gold Coast clearly cater to discerning buyers. The average market time for the available homes that cost over $2m is 342 days. The one that is under contract has a market time of 122 days, which is much closer to the current median.
The house that sold in this neighborhood did so before it was entered into the MLS. There are many ways that this can happen. Sometimes the buyer and seller already know each other and basically hire an agent to help organize the deal. This transaction had two agents, one for the buyer and one for the seller. The agents came from the same office, so if they didn't all know each other before it could be that the listing agent told other agents in the office that the home was coming to the market and the buyer's agent was able to bring the buyers through before the listing was posted live for other buyers. As a buyer it pays to have an agent who not only knows the market, but knows other agents in the market and therefore may have insight to what homes will be available soon. The home that sold did so for $1.5m.
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.
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