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I’On Real Estate Market Update – June 20th

School is out, vacations are starting, and the Mount Pleasant weather is heating up!  This usually translates into a slowdown in the I’On real estate market and this year is no exception….

Since my last report to you on May 20th, there have been three more I’On homes close, bringing the total to 22 homes sold in I’On in 2011:

  • 74 Ponsbury Road – $720,000 – $218/square foot
  • 42 Hopetown Road – $870,000 – $236/square foot
  • 190 Ionsborough Street – $630,000 – $235/square foot

In addition, two more homes went under contract during this period but have not yet closed:

  • 69 Jane Jacobs – Asking Price of $445,000 ($297/square foot)
  • 67 Sanibel – Asking Price of $869,000 ($220/square foot)

I’On Homes For Sale – 15 Months of Available Inventory

We currently have 61 I’On homes for sale.  This number has been in the low 60’s for the last several months, so very little is changing in terms of the overall number. However, much has changed with the “months of available inventory” metric that I refer to often.  Specifically, there has been a significant shift in the last few months in terms of which price ranges have the largest inventories.  The chart below reflects the current “months of inventory” by price range in the neighborhood…..

Overall, there are 15 months of available inventory in I’On.  But as you can see from the chart, certain price ranges are faring better than others.  For example, there is significantly more available inventory for I’On homes for sale between $650K and $800K than the other price ranges.  So if the pace of I’On home sales in that price range continues as it has for the last 12 months, it will take 26 months to sell all of the homes that are currently on the market, but it will only take 13 months to sell the homes that are currently priced over $1M.  Just a year ago, we had 96 months of available inventory for homes priced above $1M!!!!!

Buyers Still Have the Upper Hand in Most I’On Home Sales

Based on the months of available inventory, we are still in a buyer’s market in I’On. As I have mentioned previously, a “balanced” market is generally defined by approximately 6 months of available inventory.  As long as the numbers are higher, we will continue to be in a buyer’s market.  So for those of you who currently have your I’On homes for sale, make sure that your home is in exceptional condition and priced competitively!!

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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