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I’On Market Update – October 11th

Not unexpectedly, sales activity in I’On slowed down in September.  This is typical as families were getting their children back in school and settling back in from summer vacations. However, we did have 3 I’On homes go under contract since my last report on September 10th. Below is a list of these homes with their asking prices:

  • 302 N. Shelmore Blvd. – $535,000
  • 70 Hospitality Street – $949,000
  • 48 Montrose Road – $999,000

In addition, there have been 5 I’On homes close since my last report.  Below is a list of these homes and their selling prices:

  • 9 Eastlake Road – $375,000 – $353/square foot
  • 332 North Shelmore – $442,000 – $237/square foot
  • 127 Civitas Street – $450,000 – $229/square foot
  • 38 Hopetown Road – $925,000 – $253/square foot
  • 15 Hopetown Road – $1,300,000 – $250/square foot

I’On Home Sales Up 41% in 2010

The number of I’On homes sold in 2010 continues to significantly outpace 2009.  Year-to-date, there have been 41 homes close in I’On at an average selling price per square foot of $253.  This is a 41% increase over sales activity in 2009 through the same date.  In spite of the increased activity, there continues to be pressure on pricing.  The average sales price is down 5.2% this year to $758,000 and the average selling price per square foot is down 4.9% to $253.

I’On Selling Price/Square Foot Getting A Lot of Attention with Buyers

As you know, buyers use average selling price/square foot as a key metric for determining value.  While this is clearly only one of many factors in determining value, we must not ignore it as it gets a lot of attention with buyers and appraisers.  As the above chart shows, the average selling price/square foot in I’On peaked in 2006.  Since then, this metric is down 23%. The biggest year-over-year drop was in 2009 when the average fell 12%.  So far this year, we have fallen 5% compared to 2009. Hopefully, this is a glimmer of hope that the price pressure is starting to ease somewhat.

Weak I’On Home Sales Above $1M Contributes to Lower Average Sales Prices

As you can see from the chart above, the average selling price for I’On homes has been steadily falling since the 2006 peak.  While the 32% fall in the average sales price since the peak is significant, it is also reflective of the particularly slow pace of sales for homes priced above $1M. In 2006, there were 25 homes sold above $1M through this date and so far this year, there have been only 7 sales above $1M.  That will bring any average down!!

Number of I’On Homes For Sale Remains Steady

Currently, there are 61 homes for sale in I’On.  This number has remained fairly consistent for several months now.  While there is no real trend developing, there is still some good information to be gained by looking more closely at the numbers.  The chart below shows which segments of the I’On real estate market are faring the best in this market.  As you can see, the $500K-$750K price range is currently the “hottest” market when comparing YTD sales with current inventory.  Not unexpectedly, the $1M and above market is the slowest.

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.

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