What is really happening in the I’On real estate market? Yes, there are lots of stats to quote and goodness knows, I like to quote them! But in this post, I want to give you my thoughts on what I see happening on a daily basis in the I’On real estate market. That’s right, I said daily! This market is constantly changing and while historical data and current stats certainly paint part of the picture, I want to give you the rest of the story…..
After a dismal fall and early winter season that saw very little activity in the I’On real estate market, things have definitely changed in the last few weeks. There are more buyers looking at houses and making offers, not only in I’On, but throughout the Mt. Pleasant real estate market.
Million Dollar I’On Homes Starting to Move
For example, three homes with asking prices at or above $1M went under contract in I’On in the last 7 days:
- 36 Robert Mills – asking price of $1,279,000
- 185 N. Shelmore – asking price of $1,199,000
- 40 Perseverance – asking price of $950,000
It has been many months since this happened in I’On!
More Buyers Looking at I’On Homes
Last week, I averaged 3 showings on each of my I’On listings. While not necessarily robust activity, it is a major improvement from what we were experiencing during the fall and winter. I’m also getting more phone calls on these listings. And, guess what? The calls aren’t about renting, they’re about buying! Some of this can be attributed to the spring season, which is always the busiest time of year in the I’On market. But I also believe there are some other factors in play:
- Some buyer confidence is starting to return – stock market is surging (thank you!!!)
- Recent good news on new home sales – check out the CNN article
- Interest rates remain incredibly low
- Prices have come down to much more affordable levels in all price ranges
What is the Direction of the I’On Real Estate Market?
Does this mean that we are starting to see a surge in sales? I’m not so sure that’s the best way to characterize it. However, I do believe the recent activity suggests that the worst of this market may just be behind us. If this is true, it is welcome news for I’On home sellers. However, let me caution all sellers!!! It is clearly going to take quite some time before the market shifts back to one that is significantly more favorable to sellers.
Buyers Still in Control
Buyers still have the upper hand as there continues to be a lot of I’On homes for sale in every price range. Right now, there are 83 homes on the market in I’On. With only 18 sales in the last 6 months, the pressure on home pricing will likely continue until the supply of homes for sale falls more in line with the demand. That is going to take some time.
Bottom line? We have a long way to go to achieve a more balanced market. But, recent events suggest that maybe things are starting to change just a little. Stay tuned to this I’On Real Estate Update for my continued analysis of what is happening in the I’On real estate market.
Also, please feel free to contact me if you would like to discuss this post or need any help with buying or selling a home.
Keller Williams Realty