The inventory of listed River North condos for sale continues to plummet.* There were 176 condos for sale in River North in February down 49% from February 2012 when there were 344 condos for sale!
Recently, I wrote about how the inventory of River North condos for sale was down 47% in October. The inventory is down 79% from February 2009 when there were 856 condos for sale in the River North. As shown below the condo inventory keeps setting 5 year lows.
The median sale price rose 8% to $299,000. The average sale price as a percent of original sale price was 95.5% up from 92.8%. The number of closed sales was up 37%. Pending sales were up 63%. The average days on market for pending sales was down 57%.
WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS
The buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos.
WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS
Don’t expect that you’ll get more for your condo now. It’s not a sellers market yet. As always, if your condo 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 co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).