River North condos for sale down 49% in February!

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.

Monthly Inventory of River North condos for sale January 2008 — February 2013

Monthly Inventory of River North condos for sale January 2008 — February 2013

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

QUESTIONS?

Call us at 773-793-4516 or email us.

*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).

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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