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2009 I’On Real Estate Sales Well Below 2008 Levels

While recent activity in the I’On real estate market has picked up slightly, we remain well below 2008 levels in terms of homes sold year to date.
April Activity Picks Up Slightly
So far in April, there have been 5 homes go under contract in I’On. This is certainly an improvement from recent months, but well below the pace needed to bring the market into balance. Below is a list of these recent contracts with their asking prices:
  • 27 John Galt Way – $1,095,000
  • 68 Sowell Street – $1,000,000
  • 32 Perseverance Street- $899,000
  • 3 Perseverance Street – $699,000
  • 111 Ionsborough Street – $599,000
With these 5 new contracts, there are now 9 homes currently under contract in I’On, awaiting closing.
I’On Sales Well Below 2008 Levels
So far in 2009, there have been 5 homes close at an average selling price per square foot of $260. As of this same date last year, there had been 15 homes close in I’On at an average selling price per square foot of $315. Clearly, the economy has had a significant impact, not only on the number of homes being sold, but also on selling prices.

Available Inventory Remains Steady

Currently, there are 83 I’On homes for sale. While the available inventory ebbs and flows throughout each month, I’On inventory has consistently been in the mid 80’s for many months now. The good news for sellers is that the inventory is not rising. However, we are going to have to see more demand for I’On homes than we have now for there to be any significant reduction in inventory, resulting in less price pressure.

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Stay tuned for more updates soon.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300

I’On Real Estate For Sale
Mt. Pleasant, SC Real Estate for Sale

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