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.
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
request additional information
*includes co-ops, apartments and townhouses