Can't resolve dependency "xcode (>= 3.1.2)" for package "gcc47-4.7.0-1001" (no matching packages/versions found)
Even after re-running fink configure, the error persisted. And I did have the latest Xcode installed from the Mac App Store. Turns out, one needs to do:
sudo xcode-select -switch /Applications/Xcode.app/Contents/Developer
That tells fink where Xcode resides.