After a big surge in sales activity in October and early November, activity has fallen off significantly in the last 30 days. This is not unexpected as we move into the holiday season and the winter months. One home has gone under contract since my last report on November 17th:
In addition, two homes have closed in I’On since my last report. Below is a list of these properties and their selling prices:
- 172 Civitas Street – $475,000 – $195/square foot
- 61 Eastlake Road – $490,000 – $255/square foot
Number of I’On Homes For Sale Continues to Fall
There has been a slight drop in inventory during the last 30 days. There are now 53 homes for sale in I’On, with asking prices ranging from $289,000 to $1,700,000.
Continued reduction in inventory is a key component to a turnaround in this real estate market. We have seen a significant decline in the supply of available homes in I’On in the last 3 years. Below is a chart that shows this trend over the last 12 quarters, from a high of 95 homes for sale to today’s current level of 53 I’On homes for sale.
Demand Has Increased for I’On Homes in 2010
Demand for I’On homes has definitely picked up in 2010, contributing to the gradual reduction in inventory. So far this year, there have been 48 homes sold in I’On. This is an increase of 30% over 2009 levels, but still 9% below 2008 and 16% below 2007. Another contributing factor to the decline in inventory is that many I’On homeowners who were trying to sell their homes have pulled them off the market. While there are always a variety of different reasons for this, many sellers have told me they have decided to “wait out” this buyer’s market and try to sell once prices stabilize.
I’On Home Sellers Still Feeling Price Pressure
While inventory is headed in the right direction, we continue to feel pressure on pricing as buyers still have lots of choices, not only in I’On but also in surrounding communities. In my opinion, this will likely continue until we see inventory drop into the low 40’s. The chart below shows the average selling price per square foot for I’On homes for the last 12 calendar quarters. While the “market turnaround” has not happened yet, we are seeing signs that it might be just around the corner. With lower prices and falling inventory, I’m hopeful that we will see a fairly robust spring selling season as we did this year.
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. Happy Holidays to all!!