River North condos for sale down 46% in May

The inventory of listed River North condos for sale continues to plummet.^* There were 160 condos for sale in River North in May down 46% from May 2012 when there were 297 condos for sale.

Three months ago, I wrote about how the inventory of River North condos for sale was down 49% in February. The inventory is down 81% from May 2009 when there were 864 condos for sale in River North. As shown below the condo inventory keeps setting 5 year lows.

The median sale price rose 24% to $410,625. The average sale price as a percent of original sale price was 99.2% up from 95.8%. The number of closed sales was up 14%. Pending sales were up 10%.

WHAT THIS MEANS FOR RIVER NORTH CONDO BUYERS

The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. Email me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. To schedule showings for any River North listings or a free, no obligation consultation email me.

WHAT THIS MEANS FOR RIVER NORTH CONDO SELLERS

The average days on market for condo pending sales in River North was down 47% in May. It took an average of 73 days to sell compared to 139 days a year ago. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your River North condo, get our free home valuation.

RIVER NORTH CONDOS FOR SALE

Click below to see the River North condos for sale in your desired price range.

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