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I’On Real Estate Market Update – May 19, 2011

After a very slow start in the first quarter of  2011, the I’On real estate market has finally “come alive” this spring.  Since my last report in late March, there have been 12 additional homes sold in I’On, bringing the total to 19 I’On homes sold year-to-date.  We are still slightly behind the pace of sales we experienced in 2010, but there continues to be significantly more activity in the $1M+ price range than we have seen in quite some time….More on that later.  In addition, there are currently 14 I’On homes that are under contract, but not yet closed.

The closed sales data for this year along with the data from the same period in 2010 is below:

I’On Homes Sold 2011 through May 20th:

  • Homes Sold – 19
  • Median Price – $835,000
  • Price/Square Foot – $255

I’On Homes Sold in 2010 through May 20th:

  • Homes Sold – Median Price – $735,000
  • Media Price – $735,000
  • Price/Square Foot – $247

If you would like to see details on all recent home sales in I’On, just click here.

Inventory of I’On Homes For Sale Remains Steady

The surge in I’On home sales the last 60 days has not reduced the inventory levels as more I’On homeowners are putting their homes on the market.  This is not unusual as we are in the traditional “high season” and more sellers are trying to take advantage of the increased activity.  Currently, there are 62 I’On homes for sale.  This is up from 61 homes for sale in late March.

I’On Homes Above $1M – Sales Increase in 2011

As mentioned earlier, there has been a significant increase in the number of I’On homes sold above $1M in 2011.  To date, there have been 8 homes sold above $1M. At this same point last year, there were only 2 homes sold above $1M and just 3 in 2009.  In order to get these homes sold, sellers are having to aggressively discount their sales prices in order to get contracts.  For example, the average selling price per square foot for homes above $1M this year is $241.  This is down 31.5% from the $352/square foot that high-end homes in I’On were selling for in 2007.  The chart below shows the trend for the last 5 years….

The chart also shows the trends for homes sold below $1M.  As you can see, the price per square foot for that segment has remained relatively stable the last few years.  Keep in mind that this is a fairly large segment and includes homes priced as low as the $300’s up to the high $900’s.  Certain price segments below $1M are faring better than others.  While there has been an increase in the number of I’On home sales above $1M, there are fewer of those buyers and they are driving very hard bargains.

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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