Market winds favor buyers in the Chicago Gold Coast Real Estate Market
For condominiums, town-homes, or co-ops that are located in buildings with eight or more units in the Chicago Gold Coast, Q3 2018 vs Q2 2018 market statistics show that this market has cooled down. Overall sales are down and median listing market times trended up; however, the Chicago Gold Coast Mansion District, Chicago Gold Coast High Street District, and Chicago Gold Coast Viagra Triangle District showed an increase in average sold prices. The statistics below first explore the market numbers for the Chicago Gold Coast as a whole, and then we break-down the numbers across four districts within the Gold Coast.
NOTE: Property statistics revised and updated on 20th November 2018.
Q3 2018 to Q2 2018 Chicago Gold Coast Real Estate Market Comparisons
Property Types: Condos, Co-Ops, and/or Town-Homes located in buildings with 8+ units
Here is a map showing how we define the Chicago Gold Coast real estate market:
Sales:
- Properties Sold: 287 (-19.2%)
- Sales Volume: $251,220,184 (-2.4%)
Sold Prices:
- Median: $447,260 (+1.4%)
- Average: $875,332 (+20.7%)
- Highest: $6,448,206 -19.4%)
- Lowest: $144,000 (+4.7%)
Listing Market Times:
- Median: 24 days (+18.2%)
- Average: 43 days (-1.8%)
- Longest: 696 days (-4.5%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median: 97.4% (-0.6%)
- Average: 97.2% (-0.9%)
- Highest: 109% (-6.0%)
- Lowest: 76% (-1.3%)
Median and average Sales Price vs List Price ratios (SP:LP) have reached near parity, both having decreased slightly from Q2 2018. This indicates that buyers looking in the Chicago Gold Coast real estate market, overall, have a bit more price-negotiation leverage. As SP:LP ratios dip below 100%, this means that sellers need to properly price their homes correctly when entering the market, since SP:LP ratios hovering around 97% indicate that properties have sold for less than original asking prices. This buyer-price-negotiation-power is, however, tempered by the fact median and average sold prices increased. Thus the big take-aways for the Chicago Gold Coast real estate market: (1) if you’re a seller, you really need to competitively price your property and, perhaps, assume even with this price strategy, buyers may still low-ball you with an initial offer, and (2) if you’re a buyer you can, within reason, be a bit more aggressive with your initial offers.
Months Supply of Homes
Looking at the Months Supply of Homes chart above ending October 2018, compared to 2017, we’re seeing an increase in months supply. Moreover, since the months supply in this market is approaching six months, through October 2018, it’s reasonable to consider this market has begun to tip towards a buyers market. This assumption is further corroborated by the general market statistics detailed above. Please click here for Q2 2018 Chicago Gold Coast real estate market statistics.
District Level Comparisons for the Chicago Gold Coast Real Estate Market
We’ve broken down this market into four districts: Gold Coast Mansion District, Gold Coast Viagra Triangle District, Gold Coast High Street District, and Gold Coast Cathedral District. Generally, we’re seeing that each district is really its own market ecosystem. For example, the Mansion, Viagra Triangle, and High Street districts saw average sold price increases, whereas the Cathedral district saw its average sold price drop. Similarly, we saw relatively stable SP:LP ratios compared to Q2 2018 numbers, except for the Mansion and Viagra Triangle districts. Moreover, we saw median listing market times rise in both the Mansion and Viagra Triangle districts, but listing market times decreased in the High Street and Cathedral districts. So what does this mean if you’re a seller or buyer in these districts? Based on healthy SP:LP ratios, the strongest districts for sellers in Q3 2018 were the Gold Coast High Street and Gold Coast Cathedral districts. For buyers, the strongest districts were the Mansion and Viagra Triangle districts, based on SP:LP ratios and increasing median listing market times.
(1) Q3 2018 vs Q2 2018 Chicago Gold Coast Mansion District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 122 (-18.7%)
- Sales Volume: $65,871,800 (-1.9%)
Sold Prices:
- Median: $284,000 (+0.9%)
- Average: $539,933 (+20.6%)
- Highest: $4,200,000 (+75.0%)
- Lowest: $144,000 (0.0%)
Listing Market Times:
- Median: 27 days (+63.6%)
- Average: 53 days (+29.5%)
- Longest: 696 days (+85.6%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median: 97% (+0.0%)
- Average: 96.3% (-0.5%)
- Highest: 106% (-4.5%)
- Lowest: 76% (-8.4%)
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) Q3 2018 vs Q2 2018 Chicago Gold Coast Viagra Triangle District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 52 (-20.0%)
- Sales Volume: $33,350,250 (-6.4%)
Sold Prices:
- Median: $324,000 (-10.0%)
- Average: $641,351 (+17.0%)
- Highest: $5,170,000 (+57.6%)
- Lowest: $170,000 (+23.6%)
Listing Market Times:
- Median: 27 days (+22.7%)
- Average: 34 days (-9.4%)
- Longest: 222 days (-7.9%)
- Shortest: 1 days (0.0%)
SP:LP:
- Median: 97% (+0.0%)
- Average: 96.5% (-1.0%)
- Highest: 105% (-6.3%)
- Lowest: 88% (0.0%)
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.
(3) Q3 2018 vs Q2 2018 Chicago Gold Coast High Street District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 62 (-8.8%)
- Sales Volume: $118,272,984 (+19.8%)
Sold Prices:
- Median: $873,750 (+25.9%)
- Average: $1,907,629 (+31.3%)
- Highest: $6,448,206 (+6.6%)
- Lowest: $175,000 (+25.0%)
Listing Market Times:
- Median: 22 days (-21.8%)
- Average: 36 days (-39.0%)
- Longest: 175 days (-76.0%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median: 98% (-2.0%)
- Average: 98.0% (-1.4%)
- Highest: 108% (-6.1%)
- Lowest: 88% (+14.3%)
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.
(4) Q3 2018 vs Q2 2018 Chicago Gold Coast Cathedral District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 51 (-29.2%)
- Sales Volume: $33,725,150 (-39.6%)
Sold Prices:
- Median: $445,000 (-26.7%)
- Average: $661,277 (-14.7%)
- Highest: $2,700,000 (-66.3%)
- Lowest: $215,000 (+12.3%)
Listing Market Times:
- Median: 19 days (-11.6%)
- Average: 38 days (-9.6%)
- Longest: 198 days (+11.2%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median: 98% (-1.0%)
- Average: 99.0% (-1.1%)
- Highest: 109% (-6.0%)
- Lowest: 91% (2.2%)
The map below shows the market boundaries we use to designate the Chicago Gold Coast Cathedral District real estate market and properties for sale.
Months Supply of Homes
Despite the 12.6% dip in months supply for the Chicago Gold Coast High Street District, we’re seeing an overall trend emerge where each district (except the Chicago Gold Coast Cathedral District) approach or exceed six months supply. Thus, the data shows that the Gold Coast High Street District is in a buyers market. Similarly, the Gold Coast Mansion and Viagra Triangle Districts each seem ready to reach a balanced market in terms of seller-buyer demand. At 4.8 months, the Gold Coast Cathedral district is still considered a sellers market, which is also reflected in the SP:LP ratios detailed above for this district, despite these numbers slightly below 100%.
In summary, the overall Chicago Gold Coast real estate market, through Q3 2018, has moved towards a buyers market. This means that sellers can likely expect aggressive offers for their properties. However, the Cathedral District still seemed solidly a sellers market.
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.