JALEX Chambersburg Market Update – October 2010

Posted on October 6, 2010 by JA/LEX Real Estate in Chambersburg homes for sale Chambersburg real estate

Chambersburg Homes For Sale – JALEX market update for October 2010
Brought to you by: JALEX Real Estate Services

JALEX Real Estate Services is raising the bar for Chambersburg, Pa real estate sales and service. JALEX Real Estate Services offers you a monthly Chambersburg area real estate market conditions report based on data taken from our local real estate multiple listing service. We will use the Chambersburg area absorption rate in this report to identify the type of market conditions which exist currently in the Chambersburg, Pa area. The absorption Rate is defined as a number that shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.

The absorption rate lets you know how well the market is absorbing the current inventory of listings. The ultimate question the absorption rate answers is, “Is the current inventory level shrinking or growing?”

Number of active Chambersburg real estate listings in the Chambersburg school district as of October 1, 2010 = 660
Number of Chambersburg homes sold since July 1, 2010 (3 month period) = 151
Absorbtion rate = Number of homes sold / Period (3 months) = 14
Month’s supply of homes = Number of active listings (660) / Absorption rate (50.33) = 13

Six month’s supply is considered a balanced market. Numbers over 6 equal a “buyer’s market”. Numbers below six generally indicate a “seller’s market”.

Using these calculations you can focus on absorption in a particular neighborhood or price range as well. Showing clients the Absorption level can give them the information they need to price their homes for sale in the Chambersburg area real estate market. As with any commodity, price in real estate is mostly a matter of supply and demand.

The absorption rate is 13.11. That means there are higher levels of inventory for homebuyers in the market now. That also means that sellers should be more motivated to sell than they have previously been. And with interest rates at the lowest levels anyone has ever seen you can get a great home for a great monthly mortgage payment now. If you are paying rent you really need to take a look at what you could be paying to own your Chambersburg area home becasue you may find it is more affordable than ever to own your own home.

As a service to our Chambersburg community, JALEX Real Estate Services likes to provide this helpful information each and every month so you know what is going on in the local Chambersburg real estate market. JALEX is happy to provide you with the following additional market stats, please feel free to call or email and let us know how we can be of service!

Total number of homes sold in the past three month’s in Chambersburg – 151
Total number of active real estate listings as of 10/1/2010 – 660
Total number of sold listings in Chambersburg in the past 30 days – 56
Average sales price of the homes sold in Chambersburg in the past 30 days – $163,696
High sales price – $399,900
Low sales price – $10,000
Average days on the market of homes sold in the past 30 days – 169