STEVE?S?STAT?S -?August 2012
Brought to you by: JALEX Real Estate Services
August?2012
Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 179
Number of Homes Sold in the period (3 months): 43
Absorption rate = # of homes sold / period (3 months): 14.33
Month?s supply of homes = Total active listings / Absorption rate: 12.49
(6 is considered balanced market conditions, 6 is a seller?s market and above 6 is a buyer?s market)
Total homes sold on the past 30 days, Shippensburg school district: 13
Median sales price: $119,000
High sales price: $260,000
Low sales price: $12,000
Median days on the market for all sold homes in the past 30 days: 90
August is upon us in the Shippensburg area as the Shippensburg fair is now behind.? Did you see JALEX?at the fair this year?? The Shippensburg real estate market is active.? Houses are being listed for sale every day.? Prices have continued to fall as new homes have hit the market for sale.? Other homes that have been listed have fallen in price a lot.? Interest rates also continue to get lower.? The number of Shippensburg homes for sale, combined with low interest?rates and prices further reinforce the theme that NOW IS THE TIME TO BUY!
Through the summer we have witnessed homes being listed at lower and lower prices.? News around the country is that the real estate market is beginning to rebound as many think that we have reached the bottom for home values.? In the Shippensburg market it appears that the market still really favors the buyer as the absorption rate is still hovering around 12.5.? the absorption rate is the number of month?s it will take to sell through the current inventory given the current sales pace which is measured over a 3 month spread.? When that rate reaches 6 months then that is considered a ?normal? market.
It is rather interesting to comment regarding the number of homes that are currently market under contract or pending in the local MLS system.? That number is 38.? That is almost 3 times the number of homes that sold in the past 30 days.? That is a good indication of just how active the Shippensburg real estate market is right now.? Some of those houses will not make it to settlement as we continue to deal with low appraisals, tight lending requirements and other issues.? However, this is a great indication that the local real estate market is beginning to boom!
If you are selling your home or have a house that you are thinking about selling then this news is very encouraging as it appears demand is high for Shippensburg real estate.? If you are buying you should think about locating that home and making a fair offer and doing so now as the potential for higher prices is now a reality.? The only unknown is how long this market activity will remain into the Fall and winter.
As always, all real estate is local.? If you have questions, comments or are looking to buy a home or sell a home in the Central Pa area then give me a call at JALEX.? 717-477-9326 office.
Steve Coover
Associate Broker, Owner
JALEX Real Estate Services
717-477-9326 Office ? Shippensburg
717-496-8405 Office ? Chambersburg
Source: http://shippensburgrealestate.com/steves-stats-august-2012/
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