I’On Real Estate Market Update – 2012 Review

I hope everyone had a wonderful holiday season!  Well, 2013 has arrived and that means it’s time to reflect on the 2012 I’On real estate market and provide some thoughts on what we might expect in in the new year.  First, let’s review some key 2012 stats…

  • I’On Homes Sold – 54
  • Median Price – $726,500
  • Selling Price/Square Foot – $236

2012 Brought More Stabilization in the I’On Real Estate Market…

There was overall improvement in the I’On real estate market last year.  First and foremost, the median price for homes sold in I’On rose from $702,000 to $726,500 in 2012.  This is the first time that we have seen a year over year increase in median price since 2006.  While modest, it is still in an increase and that’s news I’On home sellers have been waiting for a long time!

 

In addition, we continued to see significant improvement in the average length of time it took for sellers to get their I’On homes sold in 2012, reflecting further stabilization in the market.  The average number of days to sell an I’On home dropped to 126 in 2012.  This was down from 147 days in 2011 and 184 days in 2010. To see details on all 54 homes sold in I’On in 2012, click here.

But Average Price/Square Foot in I’On was Down in 2012…

Interestingly enough, while the median price rose, the average price per square foot of homes sold in I’On in 2012 decreased from $250/square foot to $236/square foot in 2012.  The chart below shows the trend for the last several years in average selling price per square foot…

Distressed Properties Continued to Impact I’On Real Estate Market in 2012…

So why is median price up and price/square foot down?  The number of distressed properties (lender owned and short sales) continued to impact the I’On real estate market last year.  These homes are selling at a discount to the market and pushing the average price/square foot down for the neighborhood.  Last year, there were 12 homes that sold below $210/square foot.  Ten of these homes were either lender-owned (foreclosures) or short sales.

So What’s Ahead for the I’On Real Estate Market in 2013?

We are likely to see more of the same in 2013 as the real estate market continues to stabilize, meaning that any change in pricing and demand will likely be fairly modest.  Certain price segments will fare better than others, particularly homes for sale on the lower end of the price range.  Sellers with homes priced above $1M will probably continue to feel a lot of price pressure as the number of months of available inventory in this price range continues to be significantly higher.  To put this in perspective….Currently, 48% of the I’On homes for sale are priced above $1M while only 7% of 2012 sales were above $1M.

While we only have 21 I’On homes for sale currently, that number is expected to rise as we move into the spring season.  But for now, sellers are enjoying the lowest level of inventory that I have seen in I’On in over 10 years of selling real estate in the neighborhood.  If you are thinking of selling, you might not want to wait until spring.  Now might be a great time!!

Thinking of Selling, or Just Have Questions?  Call Me…

Please give me a call if you have any questions about this post.  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 January 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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