Inventory in the River North area dropped in October from last year 6%, making the 9^th month out of the 10 months this year that inventory dropped from the same month from last year.  Though that is an encouraging trend, overall sales dipped by the same 6%.  Though I am disappointed to see the sales dip, seeing inventory continue to drop over such a long period of time is a very encouraging trend, as when the market turns, it will turn much quicker with lower inventory levels.

An encouraging trend starting to emerge is an increase in sales in the 1 million dollar plus market.  Though the numbers are not outstanding, there has been a slight improvement.  Why this is encouraging is that months of inventory calculated over the last 5 months at $1mm to $1.5mm drops from 29 on an annual rate to 17. 

As noted previously 4-7 months of inventory is considered a normal market.  Though that number is still high, it has gone down each month over the last 5 months.  i.e. a trend.

River North includes, but is not limited to the following communities:

• River Place
• Steiner Ranch
• Westminster Glen
• Glenlake Estates/River Point
• Glenlake/The Parke
• Greenshores
• Villa Montana
• Long Canyon
• Shepherd Mountain

Click on the link below for a complete detailed report including neighborhood reports.

Complete River North Market Report CLICK HERE