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I’On Market Update – March 23, 2011

The 2011 I’On real estate market is off to a slower start than we experienced at the beginning of 2010.  So far this year, 7 I’On homes have sold at an average price per square foot of $227. Below is a list of these homes with their final selling price:

  • 27 Hopetown Road – $1,290,000
  • 218 N. Shelmore Blvd. – $1,210,000
  • 39 Robert Mills Circle – $1,200,000
  • 178 N. Shelmore Blvd. – $1,015,000
  • 36 Montrose Road – $835,000
  • 68 Sowell Street – $745,000
  • 119 Civitas Street – $470,000

This is down from 2010 when we had 11 I’On homes sell through the same date.  Those homes sold at an average selling price per square foot of $256.

Significant Increase in I’On Home Sales Above $1M

It’s too early to tell if we have any real trends developing in this year’s market, but one thing is very different……homes priced above $1M have definitely seen an increase in activity.  Of the 7 homes sold this year, 4 of them were priced above $1M.  In 2010, none of the 11 homes sold through this date were above $1M.

In addition to the closed sales, there have been 7 more homes go under contract in I’On since January 15th that are still pending.  Three of these homes were priced above $1M.  Below is a list of these homes that are under contract, but not yet closed, with their final asking prices:

  • 173 N. Shelmore Blvd. – $1,800,000
  • 23 Robert Mills Cir. – $1,300,000
  • 126 W. Shipyard Rd. – $1,257,000
  • 23 Unwin Way – $750,000
  • 145 Jakes Lane – $525,000
  • 61 Jane Jacobs – $478,454

I’On Homes For Sale Above $1M – Big Reduction in Months of Inventory

The recent upswing in sales activity above $1M has resulted in lower inventories in that price range, meaning less competition for sellers as we head into the spring season.  Currently, there are 14 months of available inventory for homes priced above $1M.  This is based on the last 12 months of sales activity.  This is a significant improvement from a year ago when we had 56 months of available inventory above $1M!!

Overall, there are 61 homes for sale in I’On.  Based on the last 12 months of sales activity, we currently have 16 months of available inventory in the neighborhood.  This is an improvement from 20 months at this time last year.  Below is a chart that shows months of inventory by price range for I’On and the Mt. Pleasant real estate markets.

The spring selling season will be key in determining the success of this year’s I’On real estate market.  I will be watching this market closely and reporting back to you soon on sales activity in the neighborhood.

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.

One thought on “I’On Market Update – March 23, 2011

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