While the market is reasonably steady in Belle Hall this year, the numbers are down when compared to activity in 2007. Below are some stats for the first 7 months of last year compared to this year:

2008:

• Homes sold through July 31, 2008 – 38
• Average Days on Market – 120
• Average Sales Price – $427,745
• Homes for sale as of July 31, 2008 – 61

2007:

• Homes sold through July 31, 2007 – 51
• Average Days on Market – 83
• Average Sales Price – $470,751
• Homes for sale as of July 31, 2007 – 66

As you can see from the data, it is taking longer to sell fewer homes in 2008 and there has also been some pressure on pricing this year as evidenced by the drop in the average sales price. This is a result of continued high levels of inventory and less demand for housing.

The good news is that the inventory is down slightly from last year. However, for us to see a rebound in the market with less pressure on pricing, the inventory levels are going to need to drop further. For the last two years, the active inventory in Belle Hall has been fluctuating between 50 to 68 homes. To put this in perspective, at the peak of the market in August, 2005, there were only 13 homes for sale in Belle Hall!

Please stay tuned for more updates on this site and also check out my Belle Hall Home Info site for detailed information on all homes for sale in the neighborhood, including pricing, photos and much more!

Brickyard has been feeling the real estate slowdown just as most other communities in Mt. Pleasant have been. So far this year, the number of homes sold in the neighborhood is down from 2007. In addition, the time it takes to sell a home has increased significantly during the past year:

2007:

• Homes sold through July 31, 2007 – 30
• Average Days on Market – 102

2008:

• Homes sold through July 31, 2008 – 25
• Average Days on Market – 161

Interestingly enough, the number of homes for sale in Brickyard is down from 43 at the end of July last year to 36 in 2008. While it is a little early to determine if this is a trend, the good news is that the inventory is lower! The lower the inventory, the better position sellers will be in as less competition means less pressure on pricing.

Overall, the inventory levels for single family homes in all parts of Mt. Pleasant are also down over 6% from the same period last year. This is not a huge decrease, but it is some positive news for sellers.

For more information on all homes and lots for sale in Brickyard, please go to my Brickyard Home Info site for details and stay tuned to this site for more updates.

Make no mistake about it, we are going through a slump in the local real estate market, including I’On. Inventories remain high and the resulting price pressure is evident all around us. However, it is interesting to note that through the first 7 months of 2008, we have sold exactly the same number of homes in I’On as the same period in 2007. Below are some stats from both periods:

2008:

• Number of Homes Sold – 36
• Average Selling Price – $930,035
• Average Price Per Square Foot – $301
• Average Days on Market – 175

2007:

• Number of Homes Sold – 36
• Average Selling Price – $955,263
• Average Price Per Square Foot – $332
• Average Days on Market – 156

While the I’On market remains steady in terms of the number of homes being sold, there clearly has been more price pressure in 2008 as evidenced by the 9.3% reduction in the selling price per square foot. To put this in perspective, during the first seven months of 2008, the “average” 3,000 square foot house in I’On sold for $996,000. In 2008, the “average” selling price is now $903,000. Clearly, not every house is “average”. Some homes, because of location and condition, can command more of a premium while others will get less.

The inventory of homes for sale in I’On is essentially flat when compared to this time last year:

July 31, 2007 – 91 homes for sale
July 31, 2008 – 93 homes for sale

The inventory has been fluctuating between 86 and 96 for the last 12 months. Until we start to see a downward trend in the inventory level, the price pressure that we are feeling will likely continue.

Please check back for more updates. Also, please check out my I’On Home Info page for specific information on all of the homes currently on the market in I’On.