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. Below is a list of the homes that went under contract with their asking prices:
- 290 N. Shelmore Blvd. – $398,000
- 127 Civitas Street – $499,000
- 332 N. Shelmore Blvd. – $499,000
- 249 Ponsbury Road – $699,000
- 170 Ionsborough Street – $875,000
- 18 Hopetown Road – $1,595,000
In addition, there were 4 I’On homes that closed since my last report. Below is a list of these homes and their selling prices:
- 23 Edenton – $579,000 – $282/square foot
- 18 Frogmore – $1,125,000 – $262/square foot
- 63 Robert Mills – $1,400,000 – $294/square foot
- 50 Fernandina Street – $1,350,000 – $281/square foot
I’On Home Sales Up 33% From 2009
So far in 2010, there have been 36 homes sell in I’On at an average price/square foot of $251. This is a 33% increase in the number of I’On homes sold during the same period last year, yet the average selling price/square foot is down from $266, a decrease of slightly over 5%. I expect the number of closings to increase significantly over the next couple of months as there are currently 11 I’On homes under contract that have not yet closed.
I’On Home Inventory – Significant Improvement Above $1M
For those of you who read this blog regularly, you know that I always focus on months of available inventory as a key metric in determining the health of the I’On real estate market. This month there is some positive news to report……Overall, we have 15 months of available inventory in I’On. This is down from 17 months at my last report. The biggest news however is that for homes priced above $1M, the months of available inventory in I’On is down to 30. We have seen significant improvement in this number over the last couple of months due to the increased activity in this price range. While very positive news, we still need to see inventory levels at 6 months or below before we achieve a balanced market and start to feel relief from the price pressure. But we’re on the right track!!
One final note on the above chart……the I’On real estate market is performing better than the overall Mt. Pleasant real state market for homes priced above $500,000. The significance of this should not go unnoticed. It indicates that I’On continues to be one of the most desirable neighborhoods in the area. While we are still in the midst of a buyer’s market, this is positive news for all I’On homeowners.
If I can answer any questions about this I’On real estate 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.