In spite of the cold weather, the I’On real estate market is off to a very fast start in 2014. We have had 8 I’On homes sell since January 1st, with prices ranging from $629,000 to $1,049,000. The median price for these I’On home sales was $816,500 and the average selling price/square foot was $290. This is a 21% increase in average selling price/square foot over the same period last year. If you would like to see details on each of these I’On home sales, just click here.
Many I’On Homes Going “Under Contract”…
In addition, there have been 6 I’On homes go under contract since the first of the year that are currently pending. Below is a list of those homes with their most recent asking price.
- 301 North Shelmore – $819,000
- 23 McDaniel Lane – $849,000
- 117 Jakes Lane – $919,000
- 19 McDaniel Lane – $985,000
- 18 Frogmore Road – $1,399,000
- 52 Jane Jacobs Street – $1,649,000
I’On Homes for Sale at 10 Year Low…
Currently, there are only 24 I’On homes for sale. This is lowest level of available inventory that I have seen in I’On at any time during the last 12 years. Based on the last 12 months of sales activity, the current number of I’On homes for sale represents only 4 months of available inventory in the neighborhood. By any real estate standard, this represents a “seller’s market”. A seller’s market is typically defined by less than 6 months of available inventory.
Keep in mind that these numbers represent the “overall” I’On real estate market. Depending on the price point for your home, the months of available inventory may be higher or even lower. For example, for homes priced over $1M, there are 10 months of available inventory. While this does not represent a “seller’s market” in this price segment, the trend is certainly in that direction.
I’On Home Pricing Should Continue to Rise in 2014…
As we move into the spring, there will be additional I’On homes that come on the market. However, if the sales activity continues to be brisk (and I predict that it will), the inventory levels may not rise that much during the spring. If that is the case, we will continue to see additional price stability and even price increases in certain segments. Stay tuned!! It should be an exciting year in the I’On real estate market!!
Thinking of Selling, or Just Have Questions? Call Me…
Now is a great time to put your I’On home on the 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!!