The Momentum in the I’On Real Estate Market Continues…
2013 Activity Through April 28th:
- I’On homes sold – 21
- Average Selling Price/Square foot – $267
- Median Selling Price – $700,000
- Average Selling Price – $748,488
- Average Days on Market – 139
To see details on all of the I’On home sales in 2013, click here.
I’On Home Pricing is Trending Upward…Finally!!
In addition to a huge increase in I’On home sales in 2013, there is also very good news on the pricing front. The average selling price per square foot is up 13% over 2012!! This is news every I’On homeowner has been waiting for since 2006. After many years of decline, this is the first year that we have seen an increase since 2005. Below is a chart that shows the $/square foot trends for the last several years, including 2013 YTD.
Lack of I’On Inventory and Higher Demand is Driving Prices Up…
At the lowest point in the real estate slump, we had 100 homes for sale in I’On. Inventory was high, demand was low, and prices took a beating. But real estate markets always correct and that has been the case in I’On.
We currently have only 26 I’On homes for sale in the community. Based on YTD sales activity, this equates to 5 months of available inventory in I’On. Remember, a balanced real estate market is approximately 6 months of available inventory. The lower the inventory goes below 6 months, the more advantage sellers have in the market, resulting in higher prices.
Months of Inventory Levels Vary by Price Range…
While the overall I’On real estate market has only 5 months of available inventory, the number varies by price range. For example, demand for homes above $1M, while improving, is still much lower than necessary to suggest a seller’s market in that price range. Below are the months of inventory in I’On by price range:
Months of Inventory in I’On by Price Range:
- Below $500K – 1.7 months
- $500k to $750K – 1.2 months
- $750K to $1M – 4 months
- Above $1M – 31 months
As you can see, we are in a strong seller’s market for I’On homes below $750K and a mild seller’s market for I’On homes between $750K and $1M. But for I’On homes priced above $1M, we continue to be in a buyer’s market. There are currently 18 I’On homes for sale at $1m or above and we have had only 7 sales in the last 12 months. It will continue to take some more time for this price range to get in balance.
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 week and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!