River North condos for sale down 10%, prices up 23% in November

The inventory of listed River North condos for sale continues to fall.* There were 191 condos for sale in River North in November down 10% from November 2012 when there were 212 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market stayed the same at 9%.

Three months ago I wrote about how the inventory of River North condos for sale was down 46% in August . The inventory is down 76% from November 2008 when there were 812 condos for sale in River North. As shown below the condo inventory keeps setting 6 year lows.

Monthly Inventory of River North condos for sale (gray) January 2008 — November 2013 Chart

Monthly Inventory of River North condos for sale (gray) January 2008 — November 2013

The median sale price rose 23% to $414,000. The average sale price as a percent of original sale price was 97.9% up from 96.9%. The number of closed sales was down 21%. Pending sales were up 10%.

WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS

Lower inventory, a rising average sale price as a percent of original sale price and rising prices confirms 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 just over 2 months. The average days on market was down 30% to 62 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.

$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

SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS

Contact me to
schedule showings for any listings
get a free market analysis for your home
or
request additional information

*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

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