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.
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+||$2M - $3M||$1.5M - $2M||$1M - $1.5M|
|$900K - $1M||$800K - $900K||$700K - $800K||$600K - $700K|
|$500K - $600K||$400K - $500K||$300K - $400K||$200K - $300K|
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*Statistics include co-ops, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).