I’On Real Estate Update – May 21, 2014

The I’On Real Estate Market Continues to Strengthen…

The I’On real estate market continues to be strong in 2014!  So far this year, the number of I’On homes sold is up 22% over the same period in 2013.  Below are the details:

2014 Activity Through May 21:

  • I’On homes sold – 28
  • Average Selling Price/Square foot – $286
  • Median Selling Price – $847,500
  • Average Selling Price – $892,407
  • Average Days on Market – 101

To see details on all of the I’On home sales in 2014, click here.

I’On Home Pricing Continues Upward Trend…

I’On home pricing continues to strengthen as well.  YTD, the median price of all homes sold in I’On is $847,500.  This is a 19% increase from the same period last year.  In addition, the average selling price/square foot is up over 6% from the same period last year.  The big jump in median price is due to a 38% increase in the number of $1M+ I’On homes sold YTD.

As selling price/square foot is always a popular measure for I’On homeowners and buyers, I am including a chart showing the trends for this metric for the last several years:

Price Per SQFT

I’On is a Sellers Market, For the Most Part…

With just 20 I’On homes currently on the market, we have only 4 months supply of inventory available in the neighborhood.  This is based on the last 6 months of sales history.  This indicates a strong sellers market, but this number does vary by price range.

Months of Inventory in I’On by Price Range:

  • Below $750K – 1.8 months
  • $750K to $1M – 3.3 months
  • Above $1M – 7.3 months

While demand for homes above $1M in I’On has improved dramatically in the last couple of years, we still have over 7 months supply of inventory available.  This represents a very stable market, but not one that favors the buyer or seller in any significant way.

Thinking of Selling, or 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 Memorial Day weekend 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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