The last 35 days have been very active for the I’On real estate market! Since my last update on November 2nd, there have been 10 homes go under contract in I’On. This is quite unusual for this time of year, but certainly a breath of fresh air for sellers!! This activity has also resulted in inventory levels that are now at their lowest in several years. More on that a little later in this post….
In addition to the 10 homes that went under contract, there were 5 additional homes sold (closed) since my last report, bringing the total number of homes sold this year to 45. Below are the details on the I’On real estate market through today as compared to 2010.
2011 (through December 9th):
- Homes Sold in I’On – 45
- Median Price – $720,000
- Average Selling Price/Square Foot – $250
2010 (through December 9th):
- Home Sold in I’On – 48
- Median Price – $739,250
- Average Selling Price/Square Foot – $251
I’On Real Estate Market….Steady compared to last year
As you can see, 2011 has been a relatively stable year compared to last year. The median price for homes is down just 2.6% while average selling price/square foot is flat. It is very hard to say how 2012 will play out, particularly on the higher end of the price scale (where there are fewer buyers). But starting the year off with the lowest inventory we have had in I’On in many years should at least set the stage for a fast start to the year.
Currently, there are 44 I’On homes for sale. Below is a chart that breaks down the number of I’On homes for sale by price range as well as the current number of months of available inventory we have in each price range. This is based on the rate of I’On home sales over the past 12 months….
Still Some Challenges on the High End of the I’On Market…
The higher price ranges tend to move the slowest, not only in I’On but in all parts of the Charleston market. There simply are not enough buyers out there right now to work through the inventory in these price ranges. However, significant progress has been made in the last year. We currently have 11 months of available inventory in the I’On real estate market. Sellers (particularly those in the lower half of the price scale) should be reasonably optimistic heading into the new year.
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. I have been focusing on the I’On real estate market for many years and I offer a full range of services to assist you in any way we can.
I hope you all have a wonderful holiday season and enjoy and all of the events I’On has to offer!!