Nationally we’re still seeing relatively low housing inventory and high buyer demand despite inventories slightly increasing in June and July 2018 (for more details on national real estate statistics, click this link). The Chicago Gold Coast, however, is moving towards a balanced market based on six months supply of homes in August 2018. The big picture for the Chicago Gold Coast real estate market is average sales prices — across all districts — are beginning to stabilize, and listing market times are hovering around one to two months. The hottest districts in the Chicago Gold Coast are the High Street District and Cathedral District (see details below); both of these districts have high median and average Sales Price vs List Price ratios (SP:LP). Here is a map showing how we define the Chicago Gold Coast real estate market:
Chicago Gold Coast Residential Real Estate Market Statistics
Following is a series of charts showing key residential real estate market trends in the Chicago Gold Coast for attached, single-family homes, January 2017 – August 2018 (unless otherwise noted).
Closed Sales
Closed Sales in the Chicago Gold Coast for the 12-month period ending August 2018 came in at 1,125 units, which represents a 3.3% increase from August 2017 and a 2.8% increase from August 2016 (each similarly representing a 12-month period of activity). This relative minor increase in unit sales means that this market overall is not experiencing much volatility, which is good for both buyers and sellers in terms of approaching this market with confidence.
Median and Average Sales Price
Pricing in the Chicago Gold Coast is experiencing some variability. First, we’re generally seeing more properties hit the market below $700,000, which would account for decreasing median prices. Conversely, there were significant numbers of properties priced above $700,000 that drove up the average sales price over the last several months. For attached single-family properties in Chicago Gold Coast, the August 2018 Median Sales Price was $337,500 (7.7% decrease from August 2017) and the Average Sales Price was $794,769 (30.5% increase from August 2017).
Median and Average Market Times
Following the general sales price trends noted above, we’re seeing shorter market times for lower priced properties and longer market times for higher priced properties. Overall, for attached single-family properties in the Chicago Gold Coast, the August 2018 Median Market Time was 33 days (8.3% decrease from August 2017) and the Average Market Time was 84 days (6.3% increase from August 2017). Similarly, in August 2018, for properties below $700,000 the Median Market Time was 32 days (23.1% increase from August 2017) and the Average Market Time was 71 days (9.2% increase from August 2017). Alternatively, for properties above $700,000 the Median Market Time was 48 days (26.2% decrease from August 2017) and the Average Market Time was 115 days (7.3% decrease from August 2017). The decreasing market times for the higher end properties in the Chicago Gold Coast is indicative of healthy buyer demand for these types of properties.
Median and Average Percent of Last List Price
The parity between median and average data points above (hovering between 97.5% and 98%) means overall we’re seeing fairly even buyer demand for properties in the Chicago Gold Coast. Regarding Last List Price, “last list price” is the price that immediately precedes the sales price of a property (for example, a property could initially enter the MRED MLS at a $810,000 sales price and then after a few weeks this price is adjusted to $805,000; the former price is the original list price and the latter price is the last list price). This statistic is also known as a SP:LP ratio (Sales Price:List Price ratio); a SP:LP over 100% means a property sold for more than last listing price, whereas a SP:LP under 100% means a property sold for less than last listing price. For attached single-family properties in Chicago Gold Coast, the August 2018 Median Percent of Last List Price was 97.8% (0.7% increase from August 2017) and the Average Percent of Last List Price was 98.0% (0.8% increase from August 2017).
Months Supply of Homes for Sale
For attached single-family properties in Chicago Gold Coast, the August 2018 Months Supply of Homes was 6.0 months (15.4% increase from August 2017). As mentioned above, when a market approaches six months of supply (meaning it would take six months for available homes to sell in the Chicago Gold Coast if no additional homes were listed and demand kept at its current pace) it’s generally considered a balanced market. However, breaking out the price points above shows that for properties under $700,000 we’re seeing 4.5 months of supply as of August 2018 (28.6% increase from August 2017), and for properties above $700,000 we’re seeing 9.9 months supply (2% decrease from August 2017). Thus, despite the 28.6% increase in months supply for properties under $700,000 it generally remains a sellers market for these types of properties, whereas it’s generally a buyers market for properties priced above $700,000.
Showings Per Listing
Mirroring the Chicago West Loop Real Estate Market Insights, Showings Per Listing for attached single-family homes–across all price points–in the Chicago Gold Coast for August 2018 was 3.2 showings (11.1% decrease from August 2017). Generally, this does not demonstrate waning interest in properties, but is more reflective of brisk selling times and solid buyer demand.
District Level Q2 2018 Chicago Gold Coast Real Estate Market Statistics
Continuing our analysis of the Chicago Gold Coast real estate market, we’ll now focus on Q2 2018 sold property statistics for condos, co-ops, and/or town-homes in buildings with eight or more units. We’ve broken down the Gold Coast market into four districts: Gold Coast Mansion District, Gold Coast High Street, Gold Coast Viagra Triangle, and Gold Coast Cathedral District. The following analysis of these districts will focus on Q2 2018 market statistics.
(1) Chicago Gold Coast Mansion District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 150
- Sold Price: $281,500 median / $447,809 average
- Listing Market Time: 17 days median / 41 days average
- SP:LP: 97% median / 97% average (111% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Gold Coast Mansion District real estate market and properties for sale.
(2) Chicago Gold Coast High Street District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 68
- Sold Price: $693,750 median / $1,452,391 average
- Listing Market Time: 28 days median / 59 days average
- SP:LP: 100% median / 99% average (115% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Gold Coast High Street District real estate market and properties for sale.
(3) Chicago Gold Coast Viagra Triangle District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 65
- Sold Price: $360,000 median / $548,334 average
- Listing Market Time: 22 days median / 38 days average
- SP:LP: 97% median / 97% average (112% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Gold Coast Viagra Triangle District real estate market and properties for sale.
(4) Chicago Gold Coast Cathedral District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 72
- Sold Price: $607,500 median / $774,984 average
- Listing Market Time: 22 days median / 42 days average
- SP:LP: 99% median / 100% average (116% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Gold Coast Cathedral District real estate market and properties for sale.
In summary, the Chicago Gold Coast real estate market is healthy, trending towards a more balanced market respective of buyer demand relative to supply of homes. We’re seeing brisk movement of properties below a $700,000 price point, while the top end of the market has increased its month supply. The Gold Coast High Street District and Cathedral District are seeing some buyer competition for properties based on relatively high SP:LP ratios.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.