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 & 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|
Call us at 773-793-4516 or email us.
*includes co-ops and townhouses