The inventory of listed River North condos for sale continues to fall.* There were 175 condos for sale in River North in August down 31% from August 2012 when there were 255 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 17% of the inventory to 5%.
Three months ago I wrote about how the inventory of River North condos for sale was down 46% in May. The inventory is down 80% from August 2009 when there were 857 condos for sale in River North. As shown below the condo inventory keeps setting 6 year lows.
The median sale price rose 10% to $360,000. The average sale price as a percent of original sale price was 100.4% up from 97.6%. The number of closed sales was up 31%. Pending sales were up 18%.
WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS
Lower inventory, rising sales and rising prices signal that the buyers market is over. With an average sale price as a percent of original sale price of over 100% it’s a sellers market. 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 49% to 48 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. 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|
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*includes co-ops, apartments and townhouses