Steve’s Stat’s – August 2011
Posted on August 10, 2011 by JA/LEX Real Estate in jalex shippensburg Shippensburg homes for sale Shippensburg real estate Shippensburg real estate agentsSTEVE’S STAT’S - August 2011
Brought to you by: JALEX Real Estate Services
Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 189
Number of Homes Sold in the period (3 months): 59
Absorption rate = # of homes sold / period (3 months): 19.67
Month’s supply of homes = Total active listings / Absorption rate: 9.61
(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: 23
Median sales price: $151,650
High sales price: $265,000
Low sales price: $8,000
Median days on the market for all sold homes in the past 30 days: 145
Over the past month the Absorption rate has dropped to the lowest point in more than a year. The Shippensburg area real estate market shows signs of lower inventory levels and higher sales levels. Much of this can be attributed to the summer sales season. People buy houses in the summer. This can also be a continued result of low interest rates and a slower pace of new homes hitting the local market whether new construction or re-sales. The number of homes sold in the past 30 days in consistent with numbers from past months at around 20. The average sales price in the last 30 days for those homes that sold was $151,650.
Recent economic news has been negative but we have been very busy here in the Shippensburg area. The local real estate market is always up and down. In past years the Shippensburg real estate market has slowed down at the end of July and in to August. This year is an exception to that because JALEX is currently working with more buyers, sellers and seeing more contracts offered and accepted than what we have seen at this time of year in previous years. I believe the primary contributing factors to this are; low interest rates, rates have dropped to as low as 4.25% fixed, reduced home prices, home prices have gone down significantly throughout the Central, Pa area and lending programs such as USDA that allow buyers to purchase a home with little cash investment.
For sellers, we continue to sell our listings here at JALEX. It is very important to be priced right for the current market though. Buyers are looking at homes now and asking the question, “what is this house going to be worth 6 months from now?” That is a significant concern to buyers and we see that in the offers that our buyer agents write as well as the offers that we receive from other agents. Selling real estate is as challenging as it has been in a while. You can trust the real estate professionals at JALEX Real Estate Services to provide you with the most accurate and up to date information about house values in the area. Then you can be assured our marketing department will use the most effective and technological savvy tools available to make sure your house is seen by people who are buying houses! And stay tuned as we roll out some new programs this fall to help you navigate your way through the Shippensburg real estate market either as a seller, buyer, rental property owner or tenant.
