River North condos for sale down 46% in May

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.

Monthly Inventory of River North condos for sale January 2008 — May 2013 Chart

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

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.

$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

QUESTIONS?

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

*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).

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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