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I’On Real Estate Market Update – 10/17/12

A late summer/early fall surge in activity has resulted in the lowest number of I’On homes for sale in many years.  Since my last update on September 11th, three I’On homes have closed and an additional ten homes have gone under contract!!  The homes that closed during this period are listed below:

  • 3 Perseverance Street – $670,000 – $294/square foot
  • 74 Sowell Street – $735,000 – $283/square foot
  • 39 Sanibel Street – $875,000 – $161/square foot

Since January 1st, there have been 41 homes sold in I’On (not including the 10 that just went under contract).  This is about a 5% increase over the same period last year.  Below are the specifics…..

  • 41 I’On homes sold in 2012 (up 5% from 2011)
  • Median Price – $735,000 (up 2% from 2011)
  • Average Selling Price/Square Foot – $236 (down 6% from 2011)
  • Currently there are 15 I’On homes that are under contract, pending closing

Number of I’On Homes for Sale – Lowest in Many Years….

Currently there are only 29 I’On homes for sale.  Since I started selling homes in I’On over ten years ago, I do not recall a time when we had less than 30 homes for sale in the neighborhood!!  Based on the last 12 months of sales data, this is approximately 6 1/2 months of available inventory.  This is approaching a “balanced” real estate market in I’On which means that neither the buyer or the seller have a significant advantage.  A “balanced” market is typically defined as about 6 months of available inventory.  This is great news for the OVERALL I’On real estate market, but let’s take a look at the numbers for specific price ranges….

I’On Real Estate – A Tale of Two Markets…

The chart above really shows that we are currently in two VERY different real estate markets in I’On.  As you can see, homes below $1M in price are moving rapidly, resulting in significantly reduced inventory levels.  In fact, there is only 3.5 months of available inventory in I’On for homes priced below $1M.  This is great news for sellers in this segment as lower inventory generally represents much less pressure on pricing.  If these inventory levels remain where they are, sellers can expect to see some price appreciation over the next few months.

I’On Homes Priced Above $1M – Challenges Continue….

For sellers with homes priced above $1M, the I’On real estate market remains a significant challenge.  There is simply too much inventory to expect any relief on price pressure in the near future.  At the current rate of sales, we have 52 months of available inventory in this price range!!  Now….this can change quickly with a few sales, but the near term forecast does not suggest any changes on the horizon.  Of the 15 homes that are currently under contract for sale in I’On, only one of them is priced above $1M.

Stay tuned to this page as I will be providing monthly updates on the real estate market in I’On.

Thinking of Selling, or Just Have 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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