Since my last report to you in early October, six additional homes have sold in I’On bringing the total to 35 homes sold in 2009. This is down from 49 I’On homes sold in 2008 through this same date. In addition, there are currently eight homes under contract in the neighborhood that are pending closing.
Inventory of I’On Homes for Sale Down Sharply
A recent increase in activity has resulted in the lowest level of inventory that we have seen in I’On since the middle of 2006. There are currently 64 homes for sale in I’On, down from 73 homes that were on the market in early October. Below is a breakdown of available I’On homes by price range:
- Below $750,000 – 15 homes available
- $750K to $1M – 16 homes available
- $1M to $1.25M – 5 homes available
- $1.25M to $1.5M – 20 homes available
- $1.5M to $1.75M – 2 homes available
- Over $1.75M – 6 homes available
I’On Homes Sales Above $1M Still Sluggish
I’On homes for sale that are priced above $1M now represent the largest segment of available inventory in I’On. Roughly 52% of the homes for sale in I’On are priced above $1M. To put this in perspective, only 23% of the sales in I’On this year (including those currently under contract) were higher than $1M. Buyers in this price range will likely continue to be very tentative with their purchase dollars until it becomes very clear that the market has bottomed out.
What is the Outlook for I’On Going Forward?
As we move into the winter months, I’On real estate activity will likely slow down. Inventory levels may decrease further as many sellers typically will take their homes off the market during the holidays and winter season. All of this is very typical for the winter months. As we move into February, activity should begin to pick up again, but we will also likely see an increase in available inventory.
I expect that we will continue to see pressure on pricing in the coming months. While inventory levels are down, there is still a lot of competition for buyers, particularly in the $1M+ range. So, as I have often said……If you are trying to sell your home, make sure you price it competitively and have it in pristine showing condition. Buyers continue to be very choosy because they can!
I will provide a more comprehensive update on 2009 activity in my report next month. In the meantime, if I can help you in any way with your real estate needs, please contact me.
Have a wonderful Holiday Season!!!