It seems that everywhere I go, people are asking me if the I’On real estate market has “turned around”.  Well, if you measure a “turnaround” strictly based on increased showing activity and number of sales, we are starting to see some progress.  But I believe most people really want to know when there is going to be a “turnaround” in prices.  That is going to take some time.  In this post, I will try to put this in perspective for you.

I’On Home Sales Are Up in 2010

Showing activity has increased significantly in I’On since the first of the year.  As a result, 7 I’On homes went under contract during January and February.  This is a big improvement over 2009 when only two homes went under contract during the same period. In addition, 6 I’On homes closed during January and February, compared to only 2 during the same period last year.  Below is a list of these 6 I’On homes with their sales prices:

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The 2009 Mount Pleasant real estate market continued to be a challenge for sellers and it represented value opportunities for buyers.  We are clearly still in a buyer’s market as there is much more inventory than the demand currently supports.  More on that later.  First, let’s review some of the numbers for 2009:

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2009 certainly was an interesting year in the I’On real estate market!  If you were selling your I’On home last year, there were many market dynamics that created lots of challenges. Price pressure from short sales and foreclosures, stricter mortgage lending requirements, and the general state of the U.S. economy all contributed to a very difficult market for I’On home sales in 2009.

Let’s take a look at some of the numbers for 2009:

• 38 I’On Homes Sold – down from 53 in 2008
• Median Price – $787,500, down from $815,000 in 2008
• Average Selling Price Per Square Foot – $265, down from $296 in 2008

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Since my last report to you in early October, six additional homes have sold in I’On bringing the total to 35 homes sold in 2009.  This is down from 49 I’On homes sold in 2008 through this same date.  In addition, there are currently eight homes under contract in the neighborhood that are pending closing.

Inventory of I’On Homes for Sale Down Sharply

A recent increase in activity has resulted in the lowest level of inventory that we have seen in I’On since the middle of 2006.  There are currently 64 homes for sale in I’On, down from 73 homes that were on the market in early October.  Below is a breakdown of available I’On homes by price range: Read the rest of this entry

Showing activity in the I’On real estate market has improved in the last couple of weeks.  As a result, there have been 2 more homes go under contract in the neighborhood:

• 55 Rialto Road – Asking Price $987,000
• 115 Civitas – Asking Price $599,000

While activity has picked up, there is still very little movement in homes priced above $1M. This is true throughout Mt. Pleasant and other Charleston markets.  More on that a little later…..

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With all of the choices that buyers have in today’s Mt. Pleasant real estate market, it is imperative for sellers to create a good first impression by having the exterior of the home in impeccable condition.  Over the years, I have seen buyers refuse to follow through with an appointment to see a home after they drove up and saw the poor condition of the exterior. This is not a good recipe for success in any market, particularly this one!

Below are 10 tips that can help Mt. Pleasant sellers boost the curb appeal of their home:

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With the recent record high numbers of short sales and foreclosure sales, many Mt. Pleasant homeowners are concerned about the impact these distressed sales are having on their home’s market value.  This is a very legitimate concern, particularly for homeowners that currently have their homes on the market and for those that may be considering selling their home in the near future.

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This continues to be a challenging year in the I’On real estate market.  While there are some buyers looking for homes, activity remains quite sluggish.  Showing activity has slowed since school started, but we should see a nice increase in activity as we move into the cooler months.

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There was some good news in the I’On Real Estate market during the month of July! For the second straight month, more homes sold in I’On than during the same month in 2008.  Below are the numbers:

July 2009:

6 Homes Sold at an average price per square foot of $261

July 2008:

5 Homes Sold at an average price per square foot of $300

In June of this year, 7 homes sold in I’On compared to 6 homes sold in June, 2008. While these numbers don’t necessarily signal a shift in this market, it is good news and worth noting.  But, unless there is a quick flurry of activity in I’On over the next few days, it is unlikely that we will be able to extend this streak to 3 straight months as there is currently only one home under contract in the neighborhood.

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Well, it has certainly been an interesting first half of 2009 in the I’On real estate market!  Like most markets around the country, I’On is feeling the impact of the recession and the housing slump.  Before I provide my analysis, let’s review the I’On real estate activity through June 30th and compare it to the same period in 2008.

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