School is out, vacations are starting, and the Mount Pleasant weather is heating up!  This usually translates into a slowdown in the I’On real estate market and this year is no exception….

(more…)

After a very slow start in the first quarter of  2011, the I’On real estate market has finally “come alive” this spring.  Since my last report in late March, there have been 12 additional homes sold in I’On, bringing the total to 19 I’On homes sold year-to-date.  We are still slightly behind the pace of sales we experienced in 2010, but there continues to be significantly more activity in the $1M+ price range than we have seen in quite some time….More on that later.  In addition, there are currently 14 I’On homes that are under contract, but not yet closed.

(more…)

The Brickyard real estate market has been fairly active in the first quarter of this year.  So far, there have been 9 homes sold in Brickyard in 2011.  The median price of these sales is $370,000 and the average selling price is $360,889.  Below is a list of these homes with their sales price, separated by subsection.  Three of these home sales were bank owned properties and they are noted below. (more…)

The 2011 I’On real estate market is off to a slower start than we experienced at the beginning of 2010.  So far this year, 7 I’On homes have sold at an average price per square foot of $227. Below is a list of these homes with their final selling price:

• 27 Hopetown Road – $1,290,000
• 218 N. Shelmore Blvd. – $1,210,000
• 39 Robert Mills Circle – $1,200,000
• 178 N. Shelmore Blvd. – $1,015,000
• 36 Montrose Road – $835,000
• 68 Sowell Street – $745,000
• 119 Civitas Street – $470,000

(more…)

While the I’On real estate market continued to be challenged in 2010, there was some improvement during the year.  In this post, I will put some perspective on the 2010 market and give you my thoughts on what 2011 may bring for I’On home sales.

I’On Real Estate Market – 2010 Recap

There was a 34% increase in the number of I’On homes sold in 2010!  A total of 51 homes sold in I’On last year compared to only 38 in 2009. This increase in activity also contributed to a steady reduction of available inventory throughout the 2nd half of the year.  After hitting a high of 76 I’On homes for sale in May, the number of I’On homes for sale has been steadily decreasing and we now have only 49 homes for sale in I’On.

(more…)

After a big surge in sales activity in October and early November, activity has fallen off significantly in the last 30 days. This is not unexpected as we move into the holiday season and the winter months.  One home has gone under contract since my last report on November 17th:

• 68 Sowell Street – $799,000

In addition, two homes have closed in I’On since my last report.  Below is a list of these properties and their selling prices:

• 172 Civitas Street – $475,000 – $195/square foot
• 61 Eastlake Road – $490,000 – $255/square foot

(more…)

Since my last report to you on October 11th, the I’On real estate market has been very active.  There have been 9 I’On homes go under contract in the last 36 days and 7 of these homes have gone under contract in November alone!  Below is a list of these homes with their asking prices:

• 27 Hopetown – $1,746,000
• 39 Robert Mills – $1,350,000
• 54 Saturday Road – $1,095,000
• 36 Montrose – $995,000
• 130 North Shelmore – $649,000
• 162 North Shelmore – $550,000
• 61 Eastlake Road – $539,000
• 36 Sowell Street – $525,000
• 172 Civitas – $525,000

This surge in activity has reduced the active number of I’On homes for sale to 56.  In addition, there have been 5 I’On homes close since my last report.  Below is a list of these homes and their selling prices:

• 18 Hopetown Road – $1,400,000 – $341/square foot
• 122 West Shipyard – $1,000,000 – $132/square foot - this transaction was a short sale
• 48 Montrose Road – $950,000 – $242/square foot
• 249 Ponsbury Road – $680,000 – $245/square foot
• 302 North Shelmore – $485,000 – $254/square foot

I have added a new feature to the I’On page on my website that provides you with a list of all I’On home sales for the last several months. Please feel free to bookmark this page and refer to it as needed and also share it with any interested party.  I will keep this updated on a weekly basis. (more…)

While it would have been hard to duplicate July’s performance in terms of $1M+ homes going under contract, there was still a lot of activity in the I’On real estate market since my last report on August 5th.  And that activity was spread over a broad range of pricing.   (more…)

After months and months of floundering, the I’On real estate market above $1M finally showed some signs of life in July.  This is very welcome news for I’On home sellers in this price range as activity has been very slow for some time.  Four homes that were priced above $1M went under contract during the month. Below is a list of those homes with their asking prices.

• 38 Hopetown – $1,099,000
• 18 Frogmore – $1,295,000
• 50 Fernandina – $1,479,000
• 63 Robert Mills – $1,695,000

In addition, two homes closed in July above $1M.  They are listed below with their selling prices:

• 19 Joggling – $1,100,000 ($269/square foot)
• 226 N. Shelmore – $1,145,000 ($237/square foot)

Reductions in I’On Home Inventory Key to a “Balanced” Market

While the recent increase in activity has resulted in a significant decrease in the number of months of available inventory for homes above $1M in I’On, we still have a long way to go before (more…)

The I’On real estate market was certainly much more active in the first half of 2010 compared to the same period last year.  The result was an increase of 42% in the number of homes sold.  Unfortunately for I’On home sellers, this increase in sales activity did not translate into an increase in pricing.  On average, pricing was down 9% during the first half of the year compared to 2009:

2010:

• Homes Sold – 27 – up 42%
• Median Price – $737,500 – down 9%
• Selling Price Per Square Foot – $247 – down 9%

2009:

• Homes Sold – 19
• Median Price – $812,085
• Selling Price Per Square Foot – $270

Price Pressure on I’On Home Sales Likely to Continue

I believe the pressure on pricing is likely to continue for some time as there is still a significant imbalance between available inventory and the number of active buyers in the market (more on that later).  As the chart below reflects, at an average selling price per square foot of $247, I’On homes are now selling at 2004 price levels.

Key to I’On Home Price Stability – 6 Months of Available Inventory

As I have mentioned in previous posts, it is not likely that we will see any stabilization in prices until the number of months of inventory comes into balance.  Historically, a balanced market (one that favors neither the buyer or the seller) is approximately 6 months of available inventory.  Anything higher than 6 months of inventory typically has a negative impact on selling prices while anything less typically has a positive impact.  While certain price ranges are performing better than others in I’On, we still have a long way to go before achieving this “balance”.

I’On Home Sales Outperforming Mt. Pleasant Market Between $500K-$1M

As you can see from the above chart, the I’On real estate market segment for homes priced between $500K and $750K has the best chance of achieving this “balance” in the near term as there are only 9 months of available inventory for these homes (based on the sales rate of the last 12 months and the number of homes for sale).  Following closely with 13 months of available inventory are homes priced between $750K and $1M.  In fact, the I’On real estate market is performing better than the overall Mt. Pleasant real estate market in these two price segments.  I believe this reflects the continued popularity of I’On with most home buyers in this price range. The location, architecture, people, and beauty of I’On continues to attract!

I’On Homes For Sale Above $1M – Difficult Market Continues

Unfortunately, sales of I’On homes above $1M continue to be a struggle for sellers.  It is a simple matter of buyers in this price range not willing to re-enter the market.  As you can see from the chart above, there are 96 months of inventory in this price range!  32 of the 76 I’On homes currently on the market are priced above $1M.  This represents 42% of the I’On home inventory.  To put this in perspective, only 7% of the I’On home sales in 2010 were above $1M.

If I can answer any questions about this post or if you are thinking of buying or selling an I’On home, please contact me.  My team offers a full range of services and we will be happy to assist you in any way we can.