Category Archives: I’On News

I’On Real Estate Market Update – 2/7/14

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!!

 

 

More Gains Expected in 2014

Experts recently emphasized what we’ve been expecting: The US and South Carolina housing market will show even better gains in 2014. Evidently, experts believe that it will be a strong year for housing, despite the fact that sales are likely to level off slightly.

Those interested in buying and selling real estate in South Carolina in 2014 will surely find the following information helpful as they navigate the market! And the Chuck Avera Group would be happy to assist you as you do so!

Good News for Real Estate

  • 2013 represented the best year for housing since the financial crisis.
  • When all was said and done, home prices increased about 11.5 percent in 2013, which was the biggest gain since 2005.
  • And sales of existing homes reached 5.1 million in 2013, the National Association of Realtors said.  That’s an increase of 10 percent from the previous year.
  • That figure is also the highest it’s been since 2006.
  • Home prices are expected to increase 5 to 6 percent in 2014, which is about half of what it was in 2013.
  • The number of foreclosed homes has dropped significantly in the last several months, suggesting that the foreclosure crisis is nearing an end.
  • In South Carolina, 2013 foreclosures dropped 19% from the previous year.

Locally, in Charleston, economists believe the housing market will continue to put up high sales numbers in 2014, but not at the 21% growth that was set in 2013. And who wouldn’t want to live here! Watch the following video for a great reminder of Charleston’s beauty!

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I’On Real Estate Market Update – August 6th

The I’On real estate market isn’t showing much sign of slowing down this summer!  Since my last report to you on July 5th, there have been 6 additional I’On homes close, bringing the total to 44 sales in 2013.  Below are the homes that have closed since July 5th:

  • 48 Sanibel Street – $435,000
  • 3 Robert Mills – $1,060,000
  • 154 N. Shelmore – $725,500
  • 27 Frogmore – 1,500,000
  • 71 Robert Mills – $855,000
  • 39 Perseverance – $926,000

For more detail on these home sales and all other I’On homes sold this year, click here.

I’On Home Inventory Remains Low and Prices are Gaining Traction

Currently, there are only 29 I’On homes on the market.  This represents less than 5% of the homes in the neighborhood….Quite a change from a few years ago when approximately 15% of I’On homes were for sale!!  The lower inventory and increased buyer demand is welcome news for those who have been waiting a long time for some price appreciation.  The average selling price/square foot in I’On this year is up 18% from 2012 to $274.

price per square foot

This is the first year we have seen an increase in this metric since we were in the middle of the “boom” eight years ago.  This is in large part due to many more expensive homes (above $1M) selling in I’On than we have seen in many years.  These homes typically command a very high price/square foot due to location, custom finishes, etc.  My July 5th update addresses this high-end segment of the I’On real estate market in greater detail… Continue reading

I’On Real Estate Market Update – 4/28/13

The Momentum in the I’On Real Estate Market Continues…

The I’On real estate market has definitely turned the corner in 2013!  So far this year, the number of I’On homes sold is up 50% over the same period in 2012.  Below are the details:

2013 Activity Through April 28th:

  • I’On homes sold – 21
  • Average Selling Price/Square foot – $267
  • Median Selling Price – $700,000
  • Average Selling Price – $748,488
  • Average Days on Market – 139

To see details on all of the I’On home sales in 2013, click here.

I’On Home Pricing is Trending Upward…Finally!!

In addition to a huge increase in I’On home sales in 2013, there is also very good news on the pricing front.  The average selling price per square foot is up 13% over 2012!!  This is news every I’On homeowner has been waiting for since 2006.  After many years of decline, this is the first year that we have seen an increase since 2005.  Below is a chart that shows the $/square foot trends for the last several years, including 2013 YTD.

price per square foot

Lack of I’On Inventory and Higher Demand is Driving Prices Up…

At the lowest point in the real estate slump, we had 100 homes for sale in I’On.  Inventory was high, demand was low, and prices took a beating.  But real estate markets always correct and that has been the case in I’On.

We currently have only 26 I’On homes for sale in the community.  Based on YTD sales activity, this equates to 5 months of available inventory in I’On.  Remember, a balanced real estate market is approximately 6 months of available inventory.  The lower the inventory goes below 6 months, the more advantage sellers have in the market, resulting in higher prices.

Months of Inventory Levels Vary by Price Range…

While the overall I’On real estate market has only 5 months of available inventory, the number varies by price range.  For example, demand for homes above $1M, while improving, is still much lower than necessary to suggest a seller’s market in that price range.  Below are the months of inventory in I’On by price range:

Months of Inventory in I’On by Price Range:

  • Below $500K – 1.7 months
  • $500k to $750K – 1.2 months
  • $750K to $1M – 4 months
  • Above $1M – 31 months

As you can see, we are in a strong seller’s market for I’On homes below $750K and a mild seller’s market for I’On homes between $750K and $1M.  But for I’On homes priced above $1M, we continue to be in a buyer’s market.  There are currently 18 I’On homes for sale at $1m or above and we have had only 7 sales in the last 12 months.  It will continue to take some more time for this price range to get in balance.

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!!

Mount Pleasant Real Estate Update – 2/27/13

The Mt. Pleasant real estate market is off to a fast start in 2013!!  So far this year, the number of homes sold in Mt. Pleasant is up 17% over the same period last year!!  Below are the details:

2013 Home Sales – Through 2/27/13:

  • Homes Sold – 194 (up 17%)
  • Selling Price per Square Foot – $163 (up 12%)
  • Median Selling Price – $299,500 (flat)

The momentum that began in 2012 is clearly continuing this year.  And the news gets even better…

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I’On Real Estate Market Update – 2/26/13

The I’On real estate market is off to a quick start in 2013.  There have been 8 I’On homes sold since January 1st, with prices ranging from $414,000 to $1,175,000.  The median price for these I’On home sales is $718,500 and the average selling price per square foot is $241.  This is a 166% increase over the number of I’On home sales during the same period last year!! If you would like more details on each of these transactions, such as sales price and price/square foot, click here. Continue reading