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.
2009 I’On Home Sales
- 19 Homes Sold
- Average Selling Price – $837,978
- Median Selling Price – $812,085
- Selling Price Per Square Foot – $270
- Highest Priced Sale – $1,135,000
- Lowest Priced Sale – $496,500
2008 I’On Home Sales
- 32 Homes Sold
- Average Selling Price – $964,047
- Median Selling Price – $892,250
- Selling Price Per Square Foot – $302
- Highest Priced Sale – $2,050,000
- Lowest Priced Sale – $564,000
Sales of I’On Homes Above $1M Hardest Hit
The I’On real estate market for homes priced above $1M is feeling the most pain in 2009. So far this year, the highest priced home sale in I’On is $1,135,000. At this same point last year, there were 8 homes sold in I’On above that price point. To provide some perspective to this, 33 of the 80 homes currently on the market in I’On are priced above the highest sale this year.
While there are some buyers actively looking at homes above $1M, fewer are actually making purchase commitments. This trend is also prevalent throughout the Mt. Pleasant real estate market. The number of homes sold above $1M in Mt. Pleasant this year is down 59% from 2008 while the overall number of homes sold in Mt. Pleasant is down 34%.
Value Continues to Motivate I’On Home Buyers
Buyers that are making commitments continue to look for value when making their purchase decisions. This is driven by their uncertainty about the “turnaround” of the real estate market. Many buyers are still concerned that I’On real estate prices will continue to fall and they want to make sure that they purchase a home at a price point that gives them some immediate equity so any additional drop in pricing might be softened.
Number of I’On Homes for Sale Has Declined
Finally, it is important to note that the number of I’On homes on the market has dropped 15% from the same period last year. There are currently 80 I’On homes for sale compared to 95 that were on the market at the end of June, 2008. This is a result of many sellers deciding to wait until they see a turnaround in the market before putting their homes on the market. While this drop in inventory isn’t overly significant, it does represent some good news for sellers in certain segments of the I’On market. If inventory continues to decline over the next year, it may signal the beginning of a turnaround in pricing as demand begins to pick up.
If you would like to see all of the homes currently on the market in I’On by price range, please go to my I’On Real Estate page on my website. Also, please feel free to contact me if you have any questions about the I’On real estate market. In addition, if you would like receive these updates whenever I post them, take advantage of the RSS Feed or subscribe by email.
Chuck Avera (843) 452-5300