Since my last report to you on August 22nd, the I’On real estate market has continued to thrive!! During this period, we have had 7 additional I’On homes close, bringing the total to 59 for 2014. These homes are listed below along with their selling price and price per square foot… Continue reading
The sluggish housing market over the last several years did not have an impact on Americans’ desire for bigger and fancier homes, according to a recent report from USA Today.
Evidently, demand continues to grow for these large estates, especially as the housing market across the nation improves. This is a fascinating trend on the national housing market and one that is sure to impact both home buyers and sellers.
Americans Love to Own Large, Luxury Homes
The American Dream of owning a bigger and better home is still very much alive across the country. In fact, as the recent USA Today article noted, many of today’s buyers still want a house that includes as many luxury amenities and features as they can think of – or at least afford. This may include gourmet kitchens, deluxe bathrooms, spacious decks or screened-in porches.
While this is occurring, experts also note that homeownership rates have remained mostly stagnant. And income growth appears to be lagging behind the rising price of homes. Continue reading
Real estate prices are up all over the metro area in 2014, but the Mt. Pleasant real estate market is leading the way!! During the last 12 months, the median selling price in Mt. Pleasant is up 17.8% to $371,000. The chart below reflects how our market compares to other key geographic areas in Charleston:
The I’On real estate market continues to be very strong in 2014. Prices are up and the average number of days it takes to sell an I’On home is down. Very good news if you are selling your home! Here are some key data points from this year and the percentage change from the same period last year:
So before you spend thousands of dollars on that home remodeling project you’ve been dreaming about, make sure that you’re armed with the facts first.
Today, we’re going to tell you which of the most common home renovation projects are worth the investment, and which ones you’re better off doing without. The answers may surprise you. Continue reading
One month of positive real estate sales is encouraging, but sometimes it can be a fluke. That’s why we’re always so thrilled when positive numbers one month carry over into the next month. And that’s just what we saw with the recent release of May sales numbers. According to a recent USA Today article, existing home sales increased for the second straight month in May, increasing to their strongest rate since the fall.
Current State of the Housing Market
Here’s what the most recent data from the National Association of Realtors revealed: Sales of existing single-family homes, townhomes, condos and co-ops reached a seasonally adjusted annual rate of 4.89 million, which marks a 4.9 percent increase from April’s rate of 4.66 million. This was the highest monthly percentage gain since August 2011! Continue reading
As more Baby Boomers retire, real estate experts all across the United States are seeing more cash deals, according to a recent report from Bloomberg. Evidently, these Baby Boomers (defined as anyone born between 1946 and 1964) are opting to purchase their homes with all cash instead of taking out a mortgage.
Experts credit this in part to the fact that US home price gains have restored $3.8 trillion in value to home owners since 2012. This means that a record number of Americans (including Baby Boomers) are using that equity to help them pay cash for properties, avoiding a home loan altogether. Another factor is that these Baby Boomers have more money in savings, allowing them the option to pay with cash.
This is an important trend that is sure to have an effect on all home buyers, not just those who fall in the Baby Boomer cohort. Continue reading
The I’On Real Estate Market Continues to Strengthen…
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:
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!
Everywhere you look, positive real estate trends are popping up, further emphasizing that the worst days of the economic recession are in the rear view mirror now.
And here’s another recent nugget of good news: Home prices all across the country increased 11.1 percent in March 2014 when compared to the same time last year. And that’s including distressed sales. According to the latest published data, the 11 percent home price increase in March represents 25 months of consecutive year-over-year increases in national home prices.
That’s incredible. That means that the housing market has been in the process of recovering for more than two years. Continue reading
That’s because national real estate experts are projecting that this spring will see even more home buying activity than is already expected for this time of year.
Why? Because of pent-up home buyer demand from the unusually cold winter we had. Home buyers who might have navigated the market in late 2013 and early 2014 ended up holding off because of the bad winter weather. Can you blame them? House hunting in frigid temperatures while trudging around in the snow and bad weather is no fun at all. Continue reading