Since my last update on February 12th, there has been one home sale in I’On:
15 Eastlake Rd.
3,906 Sq ft.
5BR, 4 full & 2 half baths
List Price – $1,250,000
Sold Price – $1,135,000
In contrast to a fairly strong start to the 2008 I’On real estate market, 2009 has been rather disappointing so far. Through the first 2 months of this year, there have only been 2 homes close in I’On. In 2008, there were a total of 8 homes sold in January and February. With only 2 homes currently under contract in I’On, the first quarter is likely to be one of the slowest on record in the neighborhood.
Lots of Buyers “Waiting” For the Best Deal
Clearly, the I’On real estate market is feeling the impact of the recession in a pretty significant way. While there have been a lot more people viewing properties in the last couple of months, many buyers are still having a very difficult time “pulling the trigger” on a purchase decision. Many are trying to time the market and get the best possible deal they can while others are just plain scared and aren’t sure why. My belief is that many of the “market timers” have lost sight of the primary reasons driving their home purchase – a different neighborhood, a better school district, proximity to work or recreation, different floor plan, more space – and they become hyper focused on price and price alone. Unfortunately, real estate is just like the stock market – it can’t be timed unless you are very, very lucky!
But, not all buyers are trying to time the market. There are many home buyers that would make an offer in an instant if they could just sell their own home. And, there are others that want to buy, but are having a difficult time obtaining financing because of tighter lending requirements. All of these things along with the uncertainty of the job market are having a significant impact on this market, particularly in more affluent communities like I’On.
Mt. Pleasant Faring Slightly Better
Finally, while I’On numbers are down significantly, the overall market for single family homes in Mt. Pleasant is faring a little better, particularly in terms of the number of homes going under contract. For the first two months of the year, there have been 78 homes sold in Mt. Pleasant compared to 144 in the same period last year. However, there are currently 122 homes under contract in the Mt. Pleasant market. The majority of those will close in the next 30-45 days which will provide a significant boost to the YTD sales for the Mt. Pleasant real estate market by the end of the 1st quarter. The median asking price for these 122 homes under contract is $424,000. Interestingly enough, only 7 of those 122 home under contract have an asking price above $1M. Obviously, the vast majority of active home buyers in Mt. Pleasant are focused on price points that are significantly lower than what is currently available in I’On.
Will the Spring Season be Solid?
The good news is that the spring season is upon us and if history is any guide, it should result in an increase in home sales in I’On from what we have seen in recent months. However, this economy is very unpredictable and only time will tell if historical patterns will repeat themselves. It should be interesting! In the meantime, if you are a buyer, buy! It’s a great time for you! If you are a seller, get your home priced right and in top condition! You’ll have a much better chance of selling in this market!
I will be posting regularly to this blog throughout the year, so stay tuned for more updates on the I’On real estate market. Also, you can check out information on ALL homes for sale in I’On by going to www.IonHomeInfo.com.
Keller Williams Realty