Showing activity in the I’On real estate market has improved in the last couple of weeks. As a result, there have been 2 more homes go under contract in the neighborhood:
- 55 Rialto Road – Asking Price $987,000
- 115 Civitas – Asking Price $599,000
While activity has picked up, there is still very little movement in homes priced above $1M. This is true throughout Mt. Pleasant and other Charleston markets. More on that a little later…..
Price Range Breakdown of I’On Homes For Sale
In terms of current inventory, there are now 73 homes for sale in I’On. Below is a breakdown of inventory by price range:
- Below $750,000 – 19 homes available
- $750K to $1M – 20 homes available
- $1M to $1.25M – 6 homes available
- $1.25M to $1.5M – 15 homes available
- $1.5M to $1.75M – 7 homes available
- Over $1.75M – 6 homes available
I’On and Mt. Pleasant Home Sales Above $1M Off Significantly YTD
As you can see from the data above, there are 34 homes for sale in I’On that are priced above $1M. This represents 47% of the available inventory in the neighborhood. Demand for homes in this price range are well below what we have experienced in previous years in I’On. Of the 27 homes sold in I’On this year, only 7 homes (or 26%) have sold above $1M. This is the lowest number of homes sold above $1M since 2004 when the neighborhood was just starting to experience home sales in this range.
Elsewhere in Mt. Pleasant, the story is much the same. So far, there have been 29 homes sell above $1M, representing 4.7% of total sales of single family homes in Mt. Pleasant. Through September last year, there were 91 homes sold above $1M, representing 11.5% of total sales. Currently, there are 147 homes for sale in Mt. Pleasant that are priced at $1M or above.
Key to Success – Make Your Home “Shine” and Price it Competitively
With so many homes for sale in the million dollar price range and so few buyers, it is imperative for sellers to be very realistic when putting their home on the market. The competition for these buyers is extreme and it is vital that your home is presented in mint condition, both inside and out. It also needs to be priced aggressively relative to the competition. The homes that are going under contract in this market meet both of these criteria.
I hope you found this post helpful. Please feel free to comment below as I am very interested in hearing your feedback and perspective on this market. If I can answer any questions about your real estate needs, please contact me.