River North condos for sale down 47% in October!

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.

Inventory of River North condos for sale January 2008 — October 2012

Inventory of River North condos (attached) and houses (detached) for sale January 2008 — October 2012

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
or
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 & 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
or
request additional information

*includes co-ops and townhouses

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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

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