The inventory of listed River North condos for sale continues to plummet.* There were 160 condos for sale in River North in May down 46% from May 2012 when there were 297 condos for sale.
Three months ago, I wrote about how the inventory of River North condos for sale was down 49% in February. The inventory is down 81% from May 2009 when there were 864 condos for sale in River North. As shown below the condo inventory keeps setting 5 year lows.
The median sale price rose 24% to $410,625. The average sale price as a percent of original sale price was 99.2% up from 95.8%. The number of closed sales was up 14%. Pending sales were up 10%.
WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS
The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. Email me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. To schedule showings for any River North listings or a free, no obligation consultation email me.
WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS
The average days on market for condo pending sales in River North was down 47% in May. It took an average of 73 days to sell compared to 139 days a year ago. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your River North condo, email 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. You can narrow the results by internal and external features.
|$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
Email me to
schedule showings for any listings
get a free market analysis for your home
request additional information
*includes co-ops, apartments and townhouses