I’On Real Estate Market Update – February 10th

The I’On real estate market is off to a rather fast start this year.  Since January 1st, there have been 5 I’On homes go under contract.  Below is a list of these homes with the last asking price for each.  The sold price will be available once the properties close:

  • 138 Ionsborough Street – $789,000 ($242/square foot)
  • 70 Hospitality – $799,000 ($208/square foot)
  • 62 Eastlake – $1,250,000 ($305/square foot)
  • 15 Robert Mills – $1,275,000 ($255/square foot)
  • 8 Edenton – $599,000 ($272/square foot)

In addition to these recent contracts, 2 homes have closed since January 1st.  Below is the selling price for each along with the sold price/square foot:

  • 139 Ionsborough Street – $837,500 ($234/square foot)
  • 143 Ionsborough Street – $600,000 ($201/square foot)

To see details on all I’On homes that have sold in the last 12 months, click here.

I’On Inventory Continues To Fall…

This activity has resulted in further reduction in the number of I’On homes for sale.  We currently only have 37 homes on the market in I’On which is the lowest level of inventory we have seen in many years.

Is This the Market I’On Home Sellers Have Been Waiting For?

As I have mentioned in previous posts, reduced inventory along with higher demand is going to be the key to price stability and ultimately, a return to price appreciation.  With inventory levels the lowest in years and demand picking up, the timing could be good for I’On home owners who have been “sitting on the fence”, waiting for the market to stabilize before putting their home on the market.

As always, certain price ranges are fairing better than others, but overall, I’On home prices have seen some stabilization in the last 18 months, as the average selling price per square foot have been hovering around $250 throughout that period.  Again, that metric is for the “overall” I’On real estate market and not specific to certain price ranges.  However, it is a great sign that we are experiencing some price stability for the broad I’On real estate market.  I can’t predict where prices will go in 2012, but one thing is for sure…..less inventory and higher demand is very welcome news for I’On home sellers!!

Thinking of Selling or Just Have Some Questions?

Please give me a call if you have any questions about this post or need other specifics about the I’On real estate market.  If you are thinking of selling, please contact me to learn more about my marketing program for your home.  I have sold over 50 homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Have a great weekend and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!

 

 

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