STEVE’S STAT’S – JUNE 2011
Posted on June 2, 2011 by JA/LEX Real Estate in Shippensburg real estateSTEVE’S STAT’S - JUNE 2011
Brought to you by: JALEX Real Estate Services
Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 204
Number of Homes Sold in the period (3 months): 51
Absorption rate = # of homes sold / period (3 months): 17
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, Shippensburg school district: 20
Median sales price: $141,500
High sales price: $265,000
Low sales price: $8,500
Average days on the market for all sold homes in the past 30 days: 92
Summer has begun! Looking at the past week’s weather here in Shippensburg certainly that can be said as the temperatures have shot upwards. Home sales and market activity has gone up too. The number of homes on the market in Shippensburg as well as the time to go through that inventory based on the current sales pace has remained at 12 since the beginning of April. There have been more sales as the weather has changed. More homes have been put on the market too. Looking at the numbers from the past 30 days it appears those homes just now hitting the market or that have been listed since late winter are selling while many other homes continue to sit n the market at prices that buyers will not pay. I measure that by seeing the median number of days on the market stat which shows that in the past 30 days, those homes that sold were on the market for an average of 3 months. I know that there were three houses in Shippensburg that JALEX made active on the market this Spring and each was under contract in less than one week! That shows that homes are selling in Shippensburg, so long as the marketing is right and the price is right.
The national news has been discouraging for real estate. The other day the news reporting indicated an expected 10% reduction in sales prices yet to come! We believe in certain market segments this may happen. Right now the demand is in the price range under $200,000. As summer continues there will be more houses sold. Those homes that are still on the market at the end of the summer will be facing an approaching winter with potentially slower sales and less demand which is typical in winter. If you have your home on the market and you are holding out for a buyer to come along you need to re-think that strategy. Your house will continue to lose value and you will find that you missed the best opportunity to sell for the most money. Call your Realtor, ask for comparable sales data showing recent sales of similar properties and reduce the price accordingly if you want to sell. In this market it is not good enough to be competitively priced, you must be compellingly priced! The current market is not one in which you are going to make money by selling. In this market money is made by BUYING!
For more information, if you have questions about Shippensburg real estate or just to talk, give us a call at 477-9326. At JALEX our commitment is to being the best, most informed and most prepared real estate business in Shippensburg.
