Gold Coast Sellers Must Price for Visibility: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

The Gold Coast condo market is continuing to show a rather balanced market. Most of Chicago is in a sellers market and, technically, some of these homes are too. However, a balanced market means there is 6-7 months of inventory and all of these condos have more than 5 months of inventory. The higher price ranges even have as much as 10, meaning they are in a buyer's market. It is very important for sellers to understand how many similar homes are available so they can decide how fair or aggressive to price their home and understand how long it might take to find the right buyer. 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 home that closed took only 6 days to find a buyer. It closed at $600k. The one that is under contract is listed for just under $900k and it has a market time of only 8 days. On the otherhand, the average market time for all of these homes is 195 days. The other homes that are available are all over $1m. They are looking for different buyers than the ones that are selling so quickly. However, price is 82% of marketing. There is a good chance that the other homes can sell fast too, if they are priced for optimal visibility. See the chart at the bottom for an illustration of how price affects visibility.

 

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

Housing Type: Single Family Home

We've had just a couple of homes come to the market pushing the month's supply of inventory up. Overall these homes are still in a seller's market, but with average market times of 427 for all sold homes, 343 for all active listings, and 270 for all listings that are under contract sellers should reasonably expect it will take some time to find a buyer. These homes are among some of the most expensive houses in Chicago and the price alone excludes many buyers from qualifying for them. Sellers will want to pull out all the stops when marketing their homes. From staging, virtual home tours, international marketing, to pricing for visibility. The median sales price for Gold Coast houses was $2,200,000 

 

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

Gold Coast Chicago Real Estate Market Trends

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.

 


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

Posted by

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comments (2)

Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

A very good overall report on the market in the Gold Coast area. Understanding a market is the first step to pricing your house correctly and knowing your competition.

Mar 24, 2017 01:41 PM
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

Thanks Nick & Trudy!

Mar 27, 2017 08:35 AM