Steve’s Chambersburg Real Estate Stat’s
Posted on January 24, 2012 by JA/LEX Real Estate in Steve's Chambersburg Stat's
STEVE’S STAT’S - January 2012 Brought to you by: JALEX Real Estate Services
Number of Active Listings in the Chambersburg school district area (per MRIS MLS system): 512
Number of Homes Sold in the period (3 months): 128
Absorption rate = # of homes sold / period (3 months): 42.67
Month’s supply of homes = Total active listings / Absorption rate: 12
(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, Chambersburg school district: 33
Average sales price: $166,441
High sales price: $500,000
Low sales price: $7,000
Average days on the market for all sold Chambersburg area homes in the past 30 days: 110
Over the past few months the absorption rate in the Chambersburg real estate market has dropped. That is until this month. Christmas and the new year always brings a slow down in the local real estate market with less new real estate listings coming on the market and slower sales. As we go forward in to 2012 I expect the absorption rate to drop again in to the 9-10 range probably through the first quarter. If you have been following our blog it will be clear the NOW IS THE TIME TO BUY! At least 80% or more of those polled in varying age groups and education levels all agree to that. And with fixed mortgage rates as low as 3.75% and reduced prices who can argue that now is a great time to find and purchase your home. While many have said that renting is better than owning your home, or that proces will continue to fall so you should wait to purchase a home, we think that the time is now. The fact is that 4th quarter sales in 2011 where higher than 2010 which was higher than 2009. The local real estate market is on the way back. Many leading indicators also indicate that appreciation is on the horizon in our local market. The fact is, Florida is showing appreciation now. We believe that locally, in the Central, Pa area, proces will fall through the Spring ans Summer 2012, especially for the homes priced above $200,000. Those homes priced below $165,00 will be relatively stable. We are not entirely sure when it comes to those priced in between and that will depend on the number of distressed homes or foreclosure type properties that vcome to market. Overall, the total number of foreclosed homes that are liusted for sale in the local real estate market will have an impact. No one knows how many there will be but we all know that prices will be affected adversly if those numbers are high. If you have a house to sell, do not wait and gamble on getting the most that you can for your home. Overall, prices have not hit the bottom yet in Central, Pa especially given the opinion that there are many homes coming to market this Spring as demand returns to the market. If you are in the market to purchase your home then you should not wait to begin looking. The good homes will go quick and we do not believe it can get much better than this. As demand returns to the local market interest rates should go back up and the overall COST of even a quarter point rise in your fixed mortgage interest rate will be much higher than the $5000 you migh save by waiting.
JALEX is expanding our real estate business to Chambersburg! Very shortly we will be hanging a sign up at our Chambersburg real estate office losation at 230 Lincoln Way East, Suite B. There are many things that make JALEX different from other local real estate agencies, not the least being the number of agents we trust to offer you the best real estate sales and services. One of our committments to you has always been to make sure that we know what is going on in the local real estate markets that we serve. We offer Steve’s Stat’s every month FREE as a service to our community. Here you see how many homes have sold, what the average prices were, the high and low sales proces for the month as well as the number of days on the market for those homes that sold. We also publish the local Chambersburg real estate market absorption rate which is a stat that indicates how strong or weak the real estate market is for either buyers or sellers. Our goal is not only to offer you the highest integrity in the real estate business but to also be the most educated and able to help you buy or sell your home!
Steve Coover Associate Broker, Owner JALEX Real Estate Services 717-477-9326 Office
