There is some good news in the I’On real estate market this year. Through April 19th, the number of homes sold is up sharply from the same period in 2009:
2010 I’On Home Sales – Through 4/19/10
- 14 Homes Sold
- Average Selling Price Per Square Foot – $255.82
- Median Sold Price – $686,250
2009 I’On Home Sales – Through 4/19/09
- 6 Homes Sold
- Average Selling Price Per Square Foot – $258.73
- Median Sold Price – $1,015,000
This is obviously very good news as we head into the heart of the spring selling season. There are a lot more buyers in the market and they are making offers on I’On homes. This is a welcome change from this time last year when the I’On real estate activity was very slow.
I’On Home Sales Above $1M Continue to be Very Slow
While activity has certainly picked up, there are still reasons to be cautious. While selling price per square foot is relatively unchanged since last year, the median sold price is down significantly. This is a direct result of I’On home buyers focusing on homes below $1M. There have been no I’On homes sold over $1M this year and only two in the last nine months, yet roughly 50% of the available inventory in I’On is priced above this number. The chart below shows the number of homes currently on the market along with the number of homes sold in the last 9 months by price range.
It is Still a Buyer’s Market in I’On – In all Price Ranges
As I have mentioned in previous posts, a “balanced” real estate market is generally defined as 6 months of available inventory. Anything above that represents a buyer’s market and anything below represents a seller’s market. Based the last 9 months of sales activity, the I’On real estate market clearly favors buyers in all categories:
- Below $500K – 9 months
- $500K to $750K – 13 months
- $750K to $1M – 11 months
- Over $1M – 144 months
If we continue to see an increase in activity through the spring, the months of available inventory should fall and we should move closer to a “balanced” market in a few of the price ranges. However, it will take quite some time for the $1M+ market to stabilize. There is just too much inventory to be absorbed in this price range.
If I can answer any questions about this post or if you are thinking of buying or selling an I’On home, please contact me. My team offers a full range of services and we will be happy to assist you in any way we can.