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I’On Real Estate Market Update – November 17th

Since my last report to you on October 11th, the I’On real estate market has been very active.  There have been 9 I’On homes go under contract in the last 36 days and 7 of these homes have gone under contract in November alone!  Below is a list of these homes with their asking prices:

  • 27 Hopetown – $1,746,000
  • 39 Robert Mills – $1,350,000
  • 54 Saturday Road – $1,095,000
  • 36 Montrose – $995,000
  • 130 North Shelmore – $649,000
  • 162 North Shelmore – $550,000
  • 61 Eastlake Road – $539,000
  • 36 Sowell Street – $525,000
  • 172 Civitas – $525,000

This surge in activity has reduced the active number of I’On homes for sale to 56.  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:

  • 18 Hopetown Road – $1,400,000 – $341/square foot
  • 122 West Shipyard – $1,000,000 – $132/square foot – this transaction was a short sale
  • 48 Montrose Road – $950,000 – $242/square foot
  • 249 Ponsbury Road – $680,000 – $245/square foot
  • 302 North Shelmore – $485,000 – $254/square foot

I have added a new feature to the I’On page on my website that provides you with a list of all I’On home sales for the last several months. Please feel free to bookmark this page and refer to it as needed and also share it with any interested party.  I will keep this updated on a weekly basis.

YTD I’On Home Sales Up 44% Over Last Year

So far in 2010, there have been 46 home sales in I’On at an average selling price per square foot of $252.  This is sharply higher than the same period last year when 32 I’On homes had closed. While the number of homes sold is much higher, the average selling price per square foot is down about 6% this year.  While no homeowner wants to see prices fall, the 6% decrease this year is an improvement over the 11% drop in 2009 and the 8% drop in 2008.

I’On Home Sales – A New Trend in Price Composition

For those of you who read this update regularly, you know I like to study the numbers and identify any trends that may be developing in the I’On real estate market.  It’s interesting to note that in the last couple of years, we have seen a noticeable shift in the percentage of homes sold in the various price ranges compared to prior years.

For example, the chart below shows that 70% of I’On home sales in 2008 were for homes priced above $750K.  However, in 2010 only 46% of I’On home sales are above $750K.  In contrast, the selling price of 15% of I’On homes sold this year was below $500,000 compared to zero in 2008!

What’s the reason for this shift?  Clearly, some of it can be attributed to the price pressure we have been feeling the last few years which is naturally going to drive the numbers down, but it also is reflective of fewer buyers in the higher price points.  In addition, many I’On builders are now targeting buyers in the $600K and below price point as there are many more active buyers in that price range. It was easy to build and sell $1M homes when there was a wealth of buyers in that price range, but that is no longer the case.  It will be interesting to watch this trend over the next several months to see if it develops more momentum or starts to shift the other way.

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.  Have a Happy Thanksgiving!!!

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