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I’On Update – September 7th – Overall I’On Market Remains Steady

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.

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