After months and months of floundering, the I’On real estate market above $1M finally showed some signs of life in July. This is very welcome news for I’On home sellers in this price range as activity has been very slow for some time. Four homes that were priced above $1M went under contract during the month. Below is a list of those homes with their asking prices.
- 38 Hopetown – $1,099,000
- 18 Frogmore – $1,295,000
- 50 Fernandina – $1,479,000
- 63 Robert Mills – $1,695,000
In addition, two homes closed in July above $1M. They are listed below with their selling prices:
- 19 Joggling – $1,100,000 ($269/square foot)
- 226 N. Shelmore – $1,145,000 ($237/square foot)
Reductions in I’On Home Inventory Key to a “Balanced” Market
While the recent increase in activity has resulted in a significant decrease in the number of months of available inventory for homes above $1M in I’On, we still have a long way to go before achieving a balanced market (typically 6 months of available inventory). Based on the number of closed sales in the last 12 months, we currently have 60 months of inventory available in this price range. This is down from 96 months at the end of June!! While this is a huge improvement, we will need to see many more months of increased activity before we start to feel any relief from the price pressure. I always like to focus on the positive, but it’s important to point out that we are still strongly in a buyer’s market in I’On.
I’On Home Sales Up 32% YTD
There have been 32 I’On home sales so far in 2010 at an average of $248/square foot. This is up from 25 I’On home sales during the same period last year. The chart below shows the sales trend for homes below $1M and those above $1M during the past 5 years. The chart further illustrates the challenges we have seen recently in the I’On real estate market above $1M. Hopefully, the trend we saw in July will continue during the next several months and these numbers will improve.
Mount Pleasant Real Estate Below $500K – Balanced Market Approaching
2010 has seen a lot of real estate activity in Mt. Pleasant, particularly for homes priced below $500,000. With only 7 months of available inventory, we are getting closer to a balanced market. In fact, for homes priced below $300,000, there is only 6 months of inventory available. It is balanced!! A “balanced” market is defined as 6 months of inventory and it generally does not favor either the buyer or seller. This is very good news for Mt. Pleasant sellers in this price segment and could be the start of better things to come for sellers with higher priced homes.
If I can answer any questions about this I’On real estate 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.