River North condo prices up 3.2%

The median sale price for River North condos for the past 12 months is up 3.2% from a year ago at $375,500.* It’s up 25.2% from 3 years ago and down only 3.9% from 2008.

River North Median Sale Prices (Rolling 12 Month) January 2008 — May 2014 Chart

River North Median Sale Prices (Rolling 12 Month) January 2008 — May 2014

The inventory of listed River North condos for sale is down 3.8%. The inventory is down 75% from May 2009.

The median sale price rose 26% to $377,500. The average sale price as a percent of original sale price was 98.8% up from 97.4%. The number of closed sales was up 6%. Pending sales were up 4%.

WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS

Lower inventory, a rising median sale price and rising average sale price as a percent of original sale price confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS

If your home is priced right when it goes on market, it should sell in less than 2 months. The average days on market was down 45% to 50 days. Just because the market is improving doesn’t mean you should price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.

RIVER NORTH CONDOS FOR SALE

Click below to see the River North condos for sale in your desired price range. Schedule a showing online!

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

QUESTIONS?

Call us at 773-793-4516 or email us.

*includes co-ops, apartments and townhouses

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More