Since my last report to you on February 7th, the I’On real estate market has picked up steam!! During that time, we have had 10 homes go under contract, including 6 in just the last 5 days!! These homes are listed below along with their most recent asking prices. With the exception of 313 North Shelmore, all of these homes are still pending…
- 313 N. Shelmore – $579,000 (sold price – $520,000)
- 225 N. Shelmore – $699,000
- 187 Ionsborough Street – $699,000
- 61 Ponsbury Road – $710,000
- 183 Civitas – $765,000
- 31 John Galt Way – $965,000
- 11 Eastlake Road – $1,099,000
- 47 Krier Lane – $1,150,000
- 21 Faye Lane – $1,199,000
- 74 Saturday Road – $1,349,000
Since the beginning of the year, 11 I’On homes have sold at an average selling price/square foot of $288. I have some additional perspective on I’On pricing a little later in this post.
I’On Inventory Continues to Drop…
With all of the activity we have seen since the first of the year, the number of I’On homes for sale has once again dropped to a new low. There are currently only 21 I’On homes for sale. While the inventory will likely rise this spring, the relatively low number of homes for sale continues to positively impact I’On home prices. Let’s take a look at the selling price/square foot trends over the last few years:
In 2013, we saw a significant 18.6% increase in average selling price/square foot. This was fueled in large part by a 25.5% surge in pricing for homes above $1M. The pickup in activity for homes above $1M was long overdue in 2013 and sellers benefited with significant gains.
What’s In Store for I’On Pricing in 2014?
As you can see from the chart above, the I’On real estate market is already showing signs that the pricing surge we experienced in 2013 is not likely to continue at the same pace this year. At $288/square foot, 2014 I’On prices are up only 2.9% from 2013. This is very moderate and I would expect more of the same throughout the year.
Stay tuned to this page for another monthly update in April!!
Thinking of Selling Your I’On Home? 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!!