I’On Real Estate Market Update – 7/5/13

The I’On real estate market continues to be very active in 2013!!  Since June 1st, there have been 12 home sales in I’On.  In addition, 9 more homes have gone under contract and are currently pending.  So far in 2013, I’On home sales are up 52% over the same period last year!!  Below are the details:

2013 I’On Sales Activity:

  • Number of Homes Sold – 38 (up 52%)
  • Median Price – $737,500 (up 7%)
  • Average Selling Price/Square Foot – $277 (up 14%)

I’On Home Sales Above $1M On a Roll…

For many years, I’On home sales above $1M seemed almost non-existent and pressure on pricing was significant.  This year we have seen a significant shift.  Of the 38 homes sold in I’On this year, 10 (or 26%) have sold above $1M.  This includes one transaction for $2M, which is the first I’On home sold at $2M or above since 2008!!  At this point last year, only 1 of the 25 homes sold in the neighborhood was priced above $1M!!

This increased activity has resulted in much lower inventory levels for the higher priced homes.  However, there is still a lot of competition for homes in this price range.  Below is a graph that shows the current Months of Inventory (MOI) in I’On by price range…

ION MOI

I’On Home Prices Continue to Track Higher…

While the MOI for homes above $1M still remains relatively high (6 MOI is considered a “balanced market”), there has been significant improvement in the last year.  The increase in sales activity in this segment has also led to a continued increase in the median selling price in I’On.  Median price is a standard metric in the real estate industry that is used to measure trends in pricing.  The chart below shows the median price trend for I’On home sales since 2006.  As you can see, the overall I’On real estate market is currently selling at 2010 price levels…

Median Price Trends

Overall Inventory Remains Low With Only 30 I’On Homes for Sale…

As you can see from the chart, the overall I’On real estate market is currently selling at 2010 levels.  It will be interesting to see what the 2nd half of 2013 brings!!  Finally, there are currently only 30 I’On homes for sale.  Of the 30 homes for sale, 17 are priced above $1M and only 5 are priced below 750K.  It should be an interesting 2nd half of the year!!

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!!

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