The downturn in the national real estate market is also being felt in I’On. Through May 15th, sales are down 33% from the same period last year. So far, there have been 18 closed sales this year compared to 27 at this point in 2007. While the average price of these sales is up slightly this year ($1.052M compared to $1.022M in 2007), the average selling price per square foot is down from $343 in 2007 to $315 this year. As there is a broad diversity of homes in I’On, this data point is not always the best representation of pricing trends. However, given that it has dropped 8%, it is important to note.
Overall, Mt. Pleasant is not faring any better. So far in 2008, the number of homes sold is down from 460 units sold in 2007 to only 316 so far in 2008. This is a decrease of 31.3%. In addition, the average selling price is down 4.6% from 2007 levels.
In my opinion, this pressure on pricing will continue until inventory levels begin to drop and right now, there are no signs that suggest this has started. Currently, there are 87 homes for sale in I’On. For most of this year, we have been between 85 and 90.
The good news is that there continues to be a steady flow of buyers coming into I’On to view properties. But, they are being very picky and are rather slow in making decisions. They have LOTS of choices and they are not being forced to compromise very much on price or quality when making their purchase decisions. Having said that, it’s important to note that “good” houses are getting sold in this market. What do I mean by “good?” It’s those houses that are in both superior condition AND competitively priced. This doesn’t mean that other houses that don’t meet this criteria are not good houses. It just means that there are lots of other houses that are equally as nice, but are priced better and/or in better condition. It’s these houses that are most likely to sell first in this market.
Stay tuned to this page for more updates and as always, check out www.ionhomeinfo.com to see details on all of the homes currently for sale in I’On.