2009 continues to be a challenging year in the I’On real estate market. While there is certainly more showing activity this spring, buyers are being very cautious, particularly when it comes to the price they are willing to pay. There a number of offers being made, but many of these contracts are not coming together, primarily due to price differences that can’t be reconciled between buyer and seller.
Some I’On Sellers Experiencing Success
Since my last update on April 18th, there have been 5 homes go under contract in I’On. Below is a list of these homes and their last asking price:
66 Ponsbury – $535,000
50 Serendipity – $769,000
39 Eastlake – $812,000
74 Sowell – 825,000
230 N. Shelmore – $1,185,000
This brings the total number of homes that are under contract in I’On to 8. Most of these should close in the next 30-45 days.
I’On Home Sales and Pricing Sharply Lower in 2009
So far in 2009, there have been 9 homes close in I’On at an average selling price of $266 per square foot. This is well below numbers that we have seen in recent years. Below is a comparison of sales activity year-to-date with activity from the same period in recent years.
2009 – 9 homes sold at $266/square foot
2008 – 17 homes sold at $318/square foot
2007 – 27 homes sold at $343/square foot
2006 – 20 homes sold at $331/square foot
When reviewing these numbers, it’s reasonable to assume that the number of homes sold should be declining in I’On since the community is getting closer to being “built out”. However, there is a much larger number of re-sale homes on the market today and inventory remains at very high levels. For example, in May of 2006, there were only 63 homes available in I’On. Today, there are 83 homes for sale in I’On.
Challenging Market Likely to Continue
Things are not likely to change as we move into the summer and fall. The continued uncertainty in the economy, high levels of inventory, and the rising number of short sales and foreclosures will add to the pressure sellers are already feeling in this market. My advice? Price your home very competitively and make sure it is in pristine condition. Sellers that are taking this approach are experiencing success in this market.
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