I’On Real Estate Market Update – July 18th

The I’On real estate market has been wildly active in recent weeks!!  So what is selling?  First, let’s take a look at some stats…..

  • 19 I’On homes are currently under contract for sale.
  • 16 of those homes were contracted for just in the last 6 weeks!
  • The average asking price per square foot for these homes is $242.

I’On Home Buyers Are Still Choosing Value…

Let’s add some perspective to these numbers so they make a little more sense.  First, there are 36 I’On homes for sale at an average asking price per square foot of $281.  This price/square foot is 14% higher than the average for the homes that are currently under contract, but not closed.  This stat suggests that while the I’On real estate market is very active right now, the homes that are going under contract are priced significantly better than those that are still active.

The bottom line?  Buyers are still looking for value in this real estate market.  When they see value, they buy.  Some I’On homes that are priced at a premium to the market are selling, but not at the same rate.  For example, I’On homes that are currently for sale have been on the market an average of 190 days.  The average time on the market for I’On homes currently under contract was 145.

I’On Home Sales in 2012 – How Do We Compare to 2011?

Now let’s take a look at the YTD numbers in terms of I’On homes sold compared to 2011…..So far this year, we are fairly even with 2011 numbers in terms of the number of homes sold.  But when it comes to pricing, there have been some changes in 2012.

2012:

  • 26 I’On homes sold
  • Average Selling Price/Square Foot – $236
  • Median Selling Price – $655,000

2011:

  • 25 I’On homes sold
  • Average Selling Price/Square Foot – $253
  • Median Selling Price – $745,000

While the number of I’On homes sold YTD is on par with last year, we are still experiencing some pretty significant pressure on pricing – both the median sales price and the sales price/square foot are down 6.7% from 2011.  The chart below adds some additional perspective on the trends in I’On home pricing since the market began to shift in 2006…

Distressed Sales Are Impacting the I’On Real Estate Market…

Overall, the median price is down 31% since 2006.  This will likely be a problem for a while as distressed sales (short sales, foreclosures, bank-owned) are still a significant factor in the I’On real estate market.  For example,  8 of the 19 homes currently under contract qualify as distressed sales.

If you plan to sell your I’On home in the near future, the old adage is still true……price it well and have it in pristine condition!!  And remember……even though you may not be selling a distressed property, you will be competing with several.

Questions?  Call Me!!

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 dozens of 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 week 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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