Since my last update on February 2nd, there has been one more home go under contract in I’On:
90 North Shelmore
4BR, 3 1/2 Baths
2,773 Square Feet
Asking Price – $729,000 ($263/square foot)
Competitive Pricing is Key
So far in 2009, there have been 4 homes go under contract in I’On. Interestingly enough, these 4 homes were very competitively priced ($275 per square foot) relative to the average home for sale in the neighborhood. The average asking price per square foot for the 85 homes currently for sale in I’On is $323. This is further evidence that buyers are seeking value in this real estate market. A note on “price per square foot”……While I do believe that price per square foot as a valid data point, I generally qualify it by saying that it is not a “tell all” statistic. The reason for this is that many factors play into this number such as lot characteristics, view, interior quality, upgrades, location, etc. However, buyers and their agents use it regularly because it is one of the few tangible statistics that helps them balance the comps in various neighborhoods.
In an effort to be more competitive, several I’On sellers continue to lower their asking prices. In the last 10 days, there have been 4 more price reductions in I’On. The average reduction was 3.27%. So far in 2009, 26 sellers have reduced the asking price of their home
Showing Activity Increasing
There has been a modest increase in showing activity in the last couple of weeks. Showing activity really dropped off beginning in September and the relentless negative economic news has kept showings rather low until the beginning of this year. This higher level of activity should continue as we move into the traditional spring selling season. As you may know, the period of March through June is typically the busiest season of the year for home buyers and sellers. Even though we are in a slower real estate market, this year should be no different.
As always, please go to www.IonHomeInfo.com to view detail of all the homes currently on the market in I’On and come back to this site for regular updates on I’On market activity. In addition, you can subscribe to my updates via email by clicking here.
Jacob’s Kitchen Opening!
One final note……all of us who live in I’On have been eagerly awaiting the opening of Jacob’s Kitchen and the new inn on the square. On February 17th, the wait is finally over. We all wish Mike the best of luck on this new venture!
Have a great week!
Keller Williams Realty