STEVE’S STAT’S – October 2011

Posted on October 4, 2011 by JA/LEX Real Estate in jalex shippensburg Shippensburg homes for sale Shippensburg mls listings Shippensburg real estate

STEVE’S STAT’S – OCTOBER 2011
Brought to you by – JALEX Real Estate Services

Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 168
Number of Homes Sold in the period (3 months): 64
Absorption rate = # of homes sold / period (3 months): 21.33
Month’s supply of homes = Total active listings / Absorption rate: 7.88

(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: 24
Median sales price: $129,500
High sales price: $294,900
Low sales price: $5,600
Median days on the market for all sold homes in the past 30 days: 86

So what does all of this data mean?  This is the lowest the absorption rate has been in a year!  The Shippensburg real estate market is moving closer to what would be called an average market.  However, look closer at the numbers with regards to average sales prices and inventory.  Inventory has dropped throughout the past several months to it’s lowest point this month at 168 Shippensburg homes for sale.  The average sales price has also dropped to it’s lowest point in a year to $129,500.  The good news, if you are selling a Shippensburg area house that is in the average range where buyers are looking then you will sell!  The bad news, more expensive houses are not selling.
We have the ability to gather data by market price to show what the market looks like in specific price ranges.  Looking at the market segment $200,000 – $250,000 the active Shippensburg inventory in that price range is 21 houses.  The number of houses sold in that proce range in the past 3 months is 5.  Looking at that, the number of month’s to go through the current inventory in that price range, or the Absorption rate, is 12.57.  So that tells you that at the proce range $200,000 to $250,000 the absorption rate is 12.57 which is much greater than the rate for the current month which is 7.88 with an average sales price of $129,500. 
Thanks for viewing Steve’s Stat’s for October 2011.  We put this information together for you as a service so that you can see what the local real estate market is doing.  We hope that if you have further questions that you will give us a call!  Our job is to be ready and informed.

JALEX Real Estate Services
717-477-9326 Office