What a year! Without a doubt, 2008 brought lots of surprises and a lot of new challenges. With all the bad news we kept hearing from the press during the year, most would believe that the I’On real estate market just completely tanked in 2008. While we have had plenty of challenges in this market, the real estate business in I’On actually held up reasonably well compared to other markets in the Charleston area and around the country. More on that in a moment….
So, what were the challenges? Mostly, there were a lot of very nervous buyers in 2008, particularly in the 2nd half of the year as the economic news got worse. With falling real estate prices, none of them wanted to overpay for a house (and rightly so). The result was a lot of buyers “sitting on the fence” and waiting for just the right moment to buy. When contracts did get written, “buyers remorse” set in for many buyers. In addition, financing became more difficult to obtain. These two factors contributed to more contracts falling through in 2008 than I have ever seen in my real estate career.
That’s the bad news, but let’s not focus on that. I believe there is some good news that should bode well for the local real estate market in 2009, including the I’On market. First, interest rates are at historically low levels. Yes, it seems like we’ve been hearing that for a few years now, but it really is true! In fact, some fixed rate mortgages are currently below 4.5%!!! In addition, the stock market appears to have stabilized in recent weeks which should help return some confidence. Finally, the number of homes for sale is decreasing. It may be slowly decreasing, but it is decreasing! The number of homes for sale in Mt. Pleasant is at its lowest level since May, 2006 and the number of homes for sale in I’On (currently 83) is the lowest since February, 2007.
There is no doubt that we are still in a buyer’s market and it may be some time before the I’On real estate market returns to “neutral” status. However, I am hopeful 2009 will be a happy one for buyers and sellers alike!
Below is a summary of 2008 activity in the I’On market and relative information for 2007:
- Homes sold – 53
- Selling Price per square foot – $296
- Median Sales Price – $815,000
- Average Sales Price – $902,340
- Homes sold – 58
- Selling Price per square foot – $319
- Median Sales Price – $832,500
- Average Sales Price – $936,417
Please stay tuned to this page for more updates. Also, please go to www.IonHomeInfo.com to see details on all homes for sale in I’On.
Keller Williams Realty