The I’On real estate market continues on a fairly steady pace this summer. Since my last report to you on June 20th, there have been 3 additional I’On home sales:
- 19 Saturday Road – $1,050,000 – $230/square foot
- 71 Robert Mills Circle – $699,000 – $309/square/foot
- 50 Serendipity – $665,000 – $233/square foot
In addition, four more I’On homes have gone under contract since my last report. These homes have not yet closed, so the prices you see for each are the asking prices:
- 31 Mises Street – $409,900 – $332/square foot
- 54 Joggling Street – $419,000 – $255/square foot
- 195 Ionsborough – $549,000 – $297/square foot
- 12 LeeAnne Lane – $699,000 – $222/square foot
I’On Home Prices Are Up 2.4% in 2011
Year to date, there have been 25 I’On home sales with an average selling price per square foot of $253. Through this same date last year, there were 30 I’On homes sold at an average selling price per square foot of $247. While the number of homes sold is down from 2010, the average price per square foot is actually up 2.4%!! This isn’t much, but any improvement in this market is worth noting!!
While this is good news for the overall I’On real estate market, it is important to break the market down into meaningful price segments in order to get a more accurate picture of the current market. The chart below compares the average selling price per square foot by price range YTD for 2011 and 2010.
Prices Increase for I’On Homes Between $500K and $1M
As you can see from the chart above, the overall increase was due to some improvement in homes priced between $550K and $1M. The biggest reduction was for homes sold above $1M. As mentioned in previous I’On Real Estate Market Updates, there has been a surge in I’On home sales above $1m in 2011, but it has taken more aggressive pricing in order to achieve this. Prices in this segment have dropped about 8% this year.
The chart below reflects inventory and YTD sales by price range represented by the percentage of the total. For example, the number of I’On homes sold this year between $500K and $750K represents 40% of the units sold and the current available inventory in this price range represents 29% of all available homes in I’On. This reflects a very active market in this price range!
In contrast, home sales in the $750K to $1M range are not faring nearly as well. The current inventory in this price range represents 34% of all I’On homes for sale, yet only 16% of the sold homes this year come from this price range. This is the most challenging “sub-market” in I’On and at $220/square foot so far this year, prices reflect the soft demand.
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. Enjoy your summer and all of the events I’On has to offer!!