Skip to main content

I’On Update – 7/31/08

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.

Leave a Reply

Your email address will not be published. Required fields are marked *