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I’On Real Estate Market Update – January 12th

Another year has passed in the I’On real estate market and there is much to update you on as we move into the new year.  But before we talk too much about 2012, let’s review last year’s activity and make some comparisons to 2010 and prior years…..

The I’On real estate market was relatively flat in 2011 when compared to 2010, both in terms of the number of I’On homes sold as well as pricing.  There were 52 I’On homes sold in 2011 compared to 51 homes sold in 2010.  For a complete list of these homes, along with selling prices and other details, please click here.  Below is a summary of 2011 activity with comparable activity for 2010.

2011 Activity:

  • I’On Homes Sold – 52
  • Median Sales Price – $702,000
  • Median Selling Price/Square Foot – $238
  • Average Sales Price – $747,346
  • Average Selling Price/Square Foot – $250

2010 Activity:

  • I’On Homes Sold – 51
  • Median Sales Price – $737,500
  • Median Selling Price/Square Foot – $250
  • Average Sales Price – $756,666
  • Average Selling Price/Square Foot – $250

I’On Following the “Smaller Home” Trend…

The most significant change from 2010 was that the median selling price in 2011 was down 4.8%.  This is partly due to continued price pressure, but it’s also a result of a nationwide trend that has many baby boomers preferring smaller homes on smaller lots.  This trend has also been very apparent in the I’On market in recent years.  As you can see from the chart below, the last three years have seen a significant shift in the percentage of I’On homes sold below $500,000.  I’On builders have responded to this trend and have built several small “cottage” style homes in recent years and they’re selling!  An interesting note…..While it is not shown on the chart, there were no I’On homes sold below $500,000 in 2008.

What Does 2012 Hold for the I’On Real Estate Market?

As we move into 2012, there is some encouraging news for sellers.  As of today, we only have 40 I’On homes for sale.  This is the lowest level of inventory we have seen in many years in I’On.  Unless demand falls off dramatically in 2012, the lower inventory levels should translate into fewer “days on market” and even more price stability.  I do expect inventory levels to rise over the next few months as many I’On homeowners will be putting their homes on the market as the spring selling season approaches.  However, things can change quickly in this industry, so stay tuned for regular monthly updates……

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.  The I’On real estate market has been the primary market for my real estate business for many years and I offer a full range of services to assist you in any way I can.  I hope you all have a Happy New Year and continue to enjoy the many events and activities  I’On has to offer!!

 

 

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