The inventory of listed River North condos for sale may have ended its free fall over the past 5 years.* There were 230 condos for sale in River North in February up 19% from February 2013 when there were 193 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 14% to 5% of the market.
Three months ago I wrote about how the inventory of River North condos for sale was down 10% in November. As shown below, the inventory is down over 70% from February 2008 when there were 754 condos for sale in River North.
The median sale price rose 26% to $377,500. The average sale price as a percent of original sale price was 97.5% up from 95.5%. The number of closed sales was down 17%. Pending sales were down 1%.
WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS
A rising median sale price and rising average sale price as a percent of original sale price confirms that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.
WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS
If your home is priced right when it goes on market, it should sell in just over 2 months. The average days on market was down 29% to 63 days. Just because the market is improving doesn’t mean you should price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.
RIVER NORTH CONDOS FOR SALE
Click below to see the River North condos for sale in your desired price range. Schedule a showing online!
|$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).