Since my last report to you on October 11th, the I’On real estate market has been very active. There have been 9 I’On homes go under contract in the last 36 days and 7 of these homes have gone under contract in November alone! Below is a list of these homes with their asking prices:
- 27 Hopetown – $1,746,000
- 39 Robert Mills – $1,350,000
- 54 Saturday Road – $1,095,000
- 36 Montrose – $995,000
- 130 North Shelmore – $649,000
- 162 North Shelmore – $550,000
- 61 Eastlake Road – $539,000
- 36 Sowell Street – $525,000
- 172 Civitas – $525,000
This surge in activity has reduced the active number of I’On homes for sale to 56. In addition, there have been 5 I’On homes close since my last report. Below is a list of these homes and their selling prices:
- 18 Hopetown Road – $1,400,000 – $341/square foot
- 122 West Shipyard – $1,000,000 – $132/square foot – this transaction was a short sale
- 48 Montrose Road – $950,000 – $242/square foot
- 249 Ponsbury Road – $680,000 – $245/square foot
- 302 North Shelmore – $485,000 – $254/square foot
I have added a new feature to the I’On page on my website that provides you with a list of all I’On home sales for the last several months. Please feel free to bookmark this page and refer to it as needed and also share it with any interested party. I will keep this updated on a weekly basis. Continue reading
Not unexpectedly, sales activity in I’On slowed down in September. This is typical as families were getting their children back in school and settling back in from summer vacations. However, we did have 3 I’On homes go under contract since my last report on September 10th. Continue reading
After months and months of floundering, the I’On real estate market above $1M finally showed some signs of life in July. This is very welcome news for I’On home sellers in this price range as activity has been very slow for some time. Four homes that were priced above $1M went under contract during the month. Below is a list of those homes with their asking prices.
- 38 Hopetown – $1,099,000
- 18 Frogmore – $1,295,000
- 50 Fernandina – $1,479,000
- 63 Robert Mills – $1,695,000
In addition, two homes closed in July above $1M. They are listed below with their selling prices:
- 19 Joggling – $1,100,000 ($269/square foot)
- 226 N. Shelmore – $1,145,000 ($237/square foot)
Reductions in I’On Home Inventory Key to a “Balanced” Market
While the recent increase in activity has resulted in a significant decrease in the number of months of available inventory for homes above $1M in I’On, we still have a long way to go before Continue reading
Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probablility rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, retail sales data, and consumer confidence all have an effect on mortgage interest rates. But the key factor to watch is the relationship between STOCKS and BONDS.
When the economy is slow and the stock market is “bearish,” many investors move money out of stocks and into bonds and mortgage-backed securities. This causes mortgage interest rates to go down. When the economy is doing well, the stock market rallies and is considered “bullish.” Investors then have a tendency to move their money out of that safe haven of bonds and mortgage-backed securities and back into stocks. As a result, mortgage interest rates go up.
The moral of the story? When the Fed cuts their rate, mortgage interest rates do not necessarily go down in concert with the Fed rate.
Thank you to Lorcan Lucey with Lucey Mortgage for this insight into mortgage rates!