STEVE’S STAT’S – September 2011
Posted on September 8, 2011 by JA/LEX Real Estate in jalex shippensburg Shippensburg homes for sale Shippensburg real estate Shippensburg real estate agentsSTEVE’S STAT’S - September 2011Brought to you by: JALEX Real Estate Services
Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 181
Number of Homes Sold in the period (3 months): 60
Absorption rate = # of homes sold / period (3 months): 20
Month’s supply of homes = Total active listings / Absorption rate: 9.05
(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: 17
Median sales price: $136,539
High sales price: $335,000
Low sales price: $16,000
Median days on the market for all sold homes in the past 30 days: 125
Ok, so what does all this mean to you as a Shippensburg area home buyer of if you have a Shippensburg area home for sale or to sell?
The Absorption rate is a measure of how active the market is. We use data from our local MLS system to report to you the number of houses sold, average prices and so on. We generate and track this information for the Shippensburg area only. However, we can look into Chambersburg and Carlisle and measure homes sales date there too. Since we live and work here in Shippensburg and this is our primary real estate market we choose to look specifically at Shippensburg sales data.
Over the past few month’s the Absorption rate has gone down for the Shippensburg real estate market. Compared to other cities, like Chambersburg, this is encouraging. One of the reasons why the rate has gone down is becasue there is simply not as much real estate for sale in Shippensburg. The summer sales season has resulted in home sales in Shippensburg. More home buyers purchase homes during the Summer month;s than at other times. In addition to that, the number of new home listings that has hit the Shippensburg market has reduced as potential home sellers think twice about putting their Shippensburg home on the market. So, lower inventories and homes being sold results in less available for sale in Shippensburg and therefore, a lower Absorption rate which makes the market look more stable.
If you have a home for sale in Shippensburg, Pa or if you are looking for a home in Shippensburg, Pa this is valuable information. what this means is that the Shippensburg real estate market is closer to being a stable real estate market than other real estate markets where the Absorption rates are higher. This is precisely why you need to work with a local real estate professional that knows the local market that you are buying or selling in. If you are selling a Shippensburg area home and your agent is not from Shippensburg they may sell you short! Not understanding the local real estate market and using market knowledge and data from another market to sell your home is not in your best interests. The Shippensburg real estate market offers more stability than other real estate markets locally and many Shippensburg houses are simply more in demand. On the contrary, in markets where inventories are higher and homes are more plentiful you should expect to to see less demand and therefore, lower prices. At JALEX we understand the numbers. We know that Shippensburg is unique. We know that the Shippensburg market is more stable and the numbers prove that! Why list your home with an who is not local whose market knowledge is specific to a less stable market and who has no regard for the value of your Shippensburg real estate? At JALEX, we want to help you maintain the value of your real estate. After all, we work here and we live here. So list local!
Home buyers need to be advised as to the local market conditions too. I do this for a living and I know there are a lot of offers being written on homes in the Shippensburg area. There are a lot of offers being written for real estate that never result in a contract to purchase. This is becasue those offers that are written are very often too low and in many cases buyers and sellers never do come together on terms becasue offers are written too low. Comparible sales data is not offered to buyers. Market research is not performed by the real estate professional so that reasonable offers can be discussed. In many cases a buyer and seller could get together if the real estate agent(s) would simply be the professionals and use the market data that they have access too. Rather, many real estate professionals take orders, so to speak, they fail to read and recognize and advise as to the real estate market conditions. There are real estate deals everywhere if us real estate professionals would take the time and effort to be the professionals that we are paid to be! The demand for Shippensburg housing is higher than in other areas, for sure. The numbers prove that. Buyers have to realize that the market is not the same as in other areas where inventories are higher, distressed sellers are more prominate and the unemployment rate is higher. The Shippensburg real estate market is more stable than many other areas including some areas very close to Shippensburg. So as a buyer, expect your real estate professional to know local market stat’s and be able to advise you rather than simply take your order. As a real estate professional, be a professional and advise your client so they can make an informed decision. All buyer’s want a deal, we know that, we do too. Take the time to educate and advise then no one can tell you that you have not done your best and truly aggressively advocated for your client. After all, they have found a home that they like and already have seen themselves living their lives in. Help them to get that house.
Use the data that you have access to as a real estate professional and let’s get some deals put together and help our economy rebound. The world economy goes as the US economy goes and the US economy goes as real estate goes! You real estate professionals are the calvary so let’s get out there and get some deals done.
