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I’On Real Estate Market Update – 11/2/11

The I’On real estate market has been relatively stable this year compared to the same period in 2010.  Through October 31st, sales of I’On homes are down slightly from last year, but prices (in terms of selling price per square foot) are relatively stable compared to 2010:

In 2010, the numbers were:

  • I’On Homes Sold in 2010 – 45
  • Average Selling Price/Square Foot – $252
  • Median Sales Price $741,000

I’On Homes For Sale at a YTD Low

Currently, there are 50 I’On homes for sale.  This approaches the lowest level of inventory we have seen in the neighborhood since the market shifted in 2007.  Based on the number of I’On homes sold YTD, this represents 12.5 months of available inventory in I’On.  However, if you break the I’On real estate market down into meaningful price ranges, the months of inventory ranges from 10 to 19 months.
As I have mentioned in previous posts, a “balanced” real estate market is generally represented by approximately 6 months of available inventory.  Anything below 6 months of inventory typically represents a seller’s market and anything above typically represents a buyer’s market.

It is interesting to compare the months of inventory in I’On to the overall Mt. Pleasant single family market.  As you can see from the chart above, the months of available inventory in Mt. Pleasant for homes priced/sold below $500,000 is only 4 months, compared to 10 months for I’On.  Clearly the overall Mt. Pleasant market in this price range is very active and some sellers are starting to see an advantage in terms of pricing their homes.

The I’On Real Estate “Sweet Spot” – $500K to $750K

The I’On real estate market clearly has some areas of strength and some that are weaker.  The “sweet spot” of the I’On market is for homes priced between $500K and $750K.  The months of inventory in this price range is only 8 months.  On the other hand, sellers that have homes priced above $750K are still experiencing a lot more price pressure in order to get their homes sold.   This trend is likely to continue for some time until the demand increases inventory is significantly lower.

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 the fall season and all of the events I’On has to offer!!

 

 

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