There was some good news in the I’On Real Estate market during the month of July! For the second straight month, more homes sold in I’On than during the same month in 2008. Below are the numbers:
6 Homes Sold at an average price per square foot of $261
5 Homes Sold at an average price per square foot of $300
In June of this year, 7 homes sold in I’On compared to 6 homes sold in June, 2008. While these numbers don’t necessarily signal a shift in this market, it is good news and worth noting. But, unless there is a quick flurry of activity in I’On over the next few days, it is unlikely that we will be able to extend this streak to 3 straight months as there is currently only one home under contract in the neighborhood.
Inventory of I’On Homes For Sale is Down
Another positive sign is that the number of homes for sale in I’On is down from a high of 92 to the current level of 79. This is the lowest level of I’On homes for sale in the last 2 years. Some of the reduction in inventory is due to the recent rise in activity. Also, some sellers have decided to lease their homes rather than try to sell in this market and a few more have just decided to delay their moves until a later date.
Pressure on I’On Home Pricing Continues
Even though the number of homes sold is up the last couple of months, I still want to keep things in perspective with regard to the prices sellers are receiving for their I’On homes. In July, the average price per square foot received for the 6 sales was $261 compared to $300 per square foot for the 5 sales in July, 2008.
For the year, average price per square foot for all I’On homes sold is $268, down 11% from $302 per square foot for the first 7 months of last year. In addition, the median price for all I’On homes sold this year is $812,000, down 7% from $870,000 for the same period last year. I expect this trend to continue for some time until demand for I’On homes becomes consistently higher, resulting in more significant reductions in inventory.
Please feel free to contact me if you have any questions about this post or any other real estate questions you might have. Also, if you are interested in seeing details on any I’On home for sale, just go to the I’On page on my web site. Finally, if you would like to see real estate trends in Mt. Pleasant and other local communities, check out my market statistics page for lots of helpful charts and graphs.