Wow! The I’On real estate market saw some major changes in 2013. There was significant growth in virtually every measurable category during the year. Below is a snapshot of 2013 sales activity. To put the year in perspective, I have also included the percentage growth in these numbers as compared to 2012.
- I’On homes sold – 68 – up 26%
- Average Selling Price/Square foot – $280 – up 19%
- Median Selling Price – $726,500 – up 10%
- Average Selling Price – $869,630 – up 17%
- Average Days on Market – 115 – down 7%
(Note: Click here to view details on all I’On homes sold in 2013)
I’On Sales Price/Square Foot – Amazing Growth in 2013…
What is most remarkable in these numbers is the 26% increase in the number of I’On homes sold and the 19% increase in average selling price per square foot. These increases are quite substantial and are reflective of a very strong I’On real estate market. As you know, selling price per square foot is a data point that is used widely by sellers, buyers, and appraisers when determining value for homes. While it can be quite variable by price range, it does reflect tangible trends in the market.
The chart below shows the overall trend for this category over the last several years. As you can see, we are now back at price levels we last experienced in late 2008…
Huge Growth in I’On Home Sales Above $1M…
One of the reasons price/square foot saw so much growth in 2013 was the huge increase in I’On homes sold over $1M. In 2013, 28% of the homes sold were above $1M compared to only 8% in 2012!! This is the highest percentage of $1M homes sold in I’On since 2008. As interest rates started to inch higher and the overall economy continued to improve, the higher end buyers finally got back into the market in a big way!!
I’On Real Estate – What’s Ahead in 2014?
As it sets up right now, I believe we are in for more of the same. The key to any strong real estate market is the relationship between demand and the supply of inventory. As we enter 2014, there are only 26 I’On homes for sale. This is the lowest inventory level I have seen in my twelve years of selling I’On real estate. Based on the last 12 months of sales demand, this represents just a 4.6 month supply of inventory. Below is the I’On inventory broken down by price range.
I’On home sellers below $1M are experiencing a strong seller’s market (anything below 6 months supply). As you move above the $1M price point, we continue to be in a buyer’s market, but we are trending towards a seller’s market. It’s important to remember that the inventory levels for homes above $1M have been very high for many years, but are currently at their lowest point in several years. Still very good news as we enter the new year!!
Thinking of Selling, or Just Have Questions? Call Me…
Now is a great time to put your I’On home on the market!! 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 week and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!