Through August, I’On home sales kept pace with 2007 numbers. So far this year, there have been 41 homes sold in the neighborhood which is the same number of homes sold through the first 8 months of 2007. Below is some comparative data for both 2007 and 2008:

2008:

• Number of Homes Sold – 41
  
• Median Selling Price – $870,000
• Average Price Per Square Foot – $304
• Average Days on Market – 162
  

2007:

• Number of Homes Sold – 41
  
• Median Selling Price – $770,000
• Average Price Per Square Foot – $328
• Average Days on Market – 147

While the median selling price is higher in the overall market, there is still significant pressure on sales prices as evidenced by the drop in the average selling price per square foot from 2007.

As the number of homes sold has remained steady this year, inventory levels are also comparable to 2007. Currently, there are 88 homes for sale in the neighborhood. At the end of August last year, there were 90 homes for sale in I’On.

As many of you know, I like to analyze the I’On market by breaking it down into a few different categories as there is such a broad range of asking prices in the neighborhood. I believe this breakdown really helps put the various markets within the I’On real estate market in perspective. The data below reflects the number of sales in 2008, current inventory, and the months of inventory based on 2008 selling rates:

Below $750K:

• Homes Sold – 12
  
• Homes currently on the market – 20
  
• Months of available inventory – 13
  

$750K to $1M:

• Homes Sold – 14
  
• Homes currently on the market – 18
  
• Months of available inventory – 10
  

$1M to $1.5M:

• Homes Sold – 13
  
• Homes currently on the market – 33
  
• Months of available inventory – 20
  

Over $1.5M:

• Homes Sold – 2
  
• Homes currently on the market – 17
  
• Months of available inventory – 68

Obviously, the “sweet spot” of the market this year is for properties in the $750K to $1M range. This segment is the best it has been in some time. Inventory in this price range has been steadily dropping since the 2nd quarter of 2007 and is at its lowest point since the 3rd quarter of 2005! While the I’On market in this price range is relatively strong, it’s just not the case in other, more expensive segments. Hopefully, we will start to see buyers come back into the $1M and up price range in the near future.

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.

The number of homes for sale in Brickyard Plantation is at its lowest level since early in 2006. There are currently 24 homes on the market in the neighborhood, down from 33 just a month ago. Inventory peaked in Brickyard Plantation in March of 2007 where there were 45 homes on the market!

The reduction of inventory in the last 30 days is a result of a strong selling month in August as 6 homes went under contract in Brickyard. Could this be the beginning of a turnaround in the Brickyard market? While buyers aren’t coming back in droves, it does appear that they may be coming back. Only time will tell if this is the start of a turnaround in the real estate market, but it does look hopeful! Below are some 2008 year-to-date numbers with comparable numbers through the same period in 2007:

2008:

• Homes sold through August 31, 2008 – 27
  
• Average Days on Market – 151
  
• Median Sales Price – $380,000

2007:

• Homes sold through August 31, 2007 – 36
• Average Days on Market – 108
• Median Sales Price – $388,500

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.

August was a fairly strong month for real estate closings in Belle Hall. During the month, there were 8 homes that closed in the neighborhood, bringing the total number of homes closed in Belle Hall during this year to 46. While the numbers are down in virtually every category this year, the real estate market in Belle Hall is still rather steady when compared to other communities in the Charleston area and throughout the country. Below is a comparison of the activity in Belle Hall through the first 8 months of this year as compared to the same period in 2007.

2008:

• Homes sold through August 31, 2008 – 46
  
• Average Days on Market – 116
  
• Median Sales Price – $336,000
  
• Homes for sale as of August 31, 2008 – 55

2007:

• Homes sold through August 31, 2007 – 62
• Average Days on Market – 94
• Median Sales Price – $356,750
• Homes for sale as of August 31, 2007 – 68

As you see in the numbers above, the inventory of available homes in Belle Hall has decreased 19% from the peak in August of last year when 68 homes were on the market. Demand for homes has not increased accordingly and as a result, the median price for homes sold this year is down about 6% from 2007. However, continued reduction in the inventory levels should help stabilize pricing over time, particularly as more buyers re-enter the market.

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!