It seems that everywhere I go, people are asking me if the I’On real estate market has “turned around”.  Well, if you measure a “turnaround” strictly based on increased showing activity and number of sales, we are starting to see some progress.  But I believe most people really want to know when there is going to be a “turnaround” in prices.  That is going to take some time.  In this post, I will try to put this in perspective for you.

I’On Home Sales Are Up in 2010

Showing activity has increased significantly in I’On since the first of the year.  As a result, 7 I’On homes went under contract during January and February.  This is a big improvement over 2009 when only two homes went under contract during the same period. In addition, 6 I’On homes closed during January and February, compared to only 2 during the same period last year.  Below is a list of these 6 I’On homes with their sales prices:

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Although the Belle Hall real estate market continued to feel the effects of the economy, it did fare better than many other Mount Pleasant neighborhoods in 2009.

Belle Hall Home Sales Down Again in 2009

There were 54 homes sold in all phases of Belle Hall last year.  This is down slightly from the 58 homes sold in 2008, but significantly off of the 2005 peak when 87 homes sold in the neighborhood.  There continued to be pressure on pricing, particularly in the higher price ranges.  The average selling price per square foot in 2009 was $177, down from $181 in 2008.  This is down 13% from the peak in 2006 when the price per square foot was $203.

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Through most of 2009, sales of condos in the Mount Pleasant real estate market were down significantly.  However, the 4th quarter of the year produced 97 condo sales, which is the highest number of sales since the 3rd quarter of 2008.  It’s a little early to suggest that this signifies a major shift in the market, but it is a flicker of hope for sellers that have been trying to sell their condos.  There is still a long way to go before we see a “balanced” market, but there are finally some signs of life for the condo market in Mt. Pleasant.

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