The inventory of listed River North condos for sale continues to drop.* There were 226 condos for sale in River North in October down 47% from October 2011 when there were 428 condos for sale!
As shown below the inventory of River North condos for sale keeps setting new 5 year lows.
The median sale price rose 37% to $355,000! The number of closed sales was up 25%. The average days on market for pending sales was down 66%. Pending sales were up 33%.
WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS
It’s still a buyer’s market, but you don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other.
WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS
Given that the market appears to be forming a bottom, I don’t recommend selling unless
1. you really need to
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.) As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.
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|
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*Statistics include lofts and townhouses. Information is based on data from Midwest Real Estate Data (MRED).