Through the first quarter of 2008, the number of homes sold in I’On is down 33% from the same period last year. As of March 31st, 14 homes have sold in I’On at a median price of $942,250 and an average price per square foot of $314. Last year, there were 21 homes sold in the 1st quarter at a median price of $974,000 and an average price per square foot of $342.
While the number of sales during the 1st quarter is off significantly from last year, we should catch up a little in terms of # of homes sold during the next couple of months as there are currently 10 homes under contract, but not yet closed. Last year there were only 3 closings in the month of April and 5 in May, so we have a good chance of closing the gap, particularly if some more homes go under contract in the short term.
Inventory is remaining relatively stable as there are currently 83 homes on the market. While still high, we haven’t experienced a significant increase as we have moved into the prime selling season.
I will continue to provide updates on new contracts and sales in the coming weeks, so stay tuned to this column for more information. To see details on all homes for sale in I’On, just go to the I’On page on my web site at www.ionhomeinfo.com