2009 certainly was an interesting year in the I’On real estate market! If you were selling your I’On home last year, there were many market dynamics that created lots of challenges. Price pressure from short sales and foreclosures, stricter mortgage lending requirements, and the general state of the U.S. economy all contributed to a very difficult market for I’On home sales in 2009.
Let’s take a look at some of the numbers for 2009:
- 38 I’On Homes Sold – down from 53 in 2008
- Median Price – $787,500, down from $815,000 in 2008
- Average Selling Price Per Square Foot – $265, down from $296 in 2008
Selling Price Per Square Foot in I’On Still Under Pressure
As you might expect, the numbers were down in all categories in 2009, including one metric commonly used by buyers – selling price per square foot. This number has been impacted fairly significantly in the last two years as depicted in the chart below. Since peaking in the first half of 2007 at $336 per square foot, the average dropped to $260 in the 2nd half of 2009.
I’On Home Sales Above $1M Fell Short in 2009
While the overall I’On real estate market was down last year, the segment that fared the worst were homes for sale above $1M. Since the real estate market turned a few years ago, the number of homes selling above $1M has been steadily decreasing. For example, in 2006, there were 28 homes sold above $1M, representing 44% of the homes sold in I’On. Last year, there were 9 homes sold above $1M, representing 24% of the homes sold in I’On. To add further perspective to these numbers, there are currently 29 homes for sale in I’On that are priced above $1M, representing 51% of the available inventory! For this price range to fare any better in 2010, we will need to see a significant increase in demand.
What Will 2010 Bring to the I’On Real Estate Market?
As we head into 2010, there is some positive news for the I’On real estate market. There has been a significant reduction in the number of I’On homes for sale in recent months. At press time, there were 57 homes for sale in I’On, down from 89 homes for sale at the beginning of 2009 – a 36% reduction! While I expect that number to increase as we move into the spring, it is still a very positive sign. Also, interest rates remain at historically low levels. We just need more buyers!!
How I’On Sellers Can Improve Their Odds in 2010
If you are selling your home in this market, it is so important to make sure you stick to the fundamentals – competitive pricing, good curb appeal, and excellent interior staging and condition. While inventory is down, there is still a lot of competition out there. Buyers will continue to be very particular when choosing which house to purchase. Make sure you do everything possible to increase your chance for success.
Please stay tuned to this site for regular updates on the I’On real estate market as we move through 2010. In the meantime, if I can help you in any way with your real estate needs, please contact me.