STEVE?S STAT?S ? December 2012
Brought to you by: JALEX Real Estate Services
December 2012
Number of Active Listings in the Shippensburg school district area (per MRIS MLS system): 157
Number of Homes Sold in the period (3 months): 55
Absorption rate = # of homes sold / period (3 months): 18.33
Month?s supply of homes = Total active listings / Absorption rate: 8.56
(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: 19
Median sales price: $159,000
High sales price: $281,000
Low sales price: $57,000
Median days on the market for all sold homes in the past 30 days: 85
Thanksgiving has come and gone.? December is here, Christmas is upon us and winter is soon to be here.? The local Shippensburg real estate market is showing signs of a slow down as home buyers and home sellers thoughts go to Christmas.? The absorption rate, which is a measure showing how long it will take to sell through current real estate inventory at the current sales pace, has gone up.? That measure is lower than it was a year ago at this time due to a more active market with more buyer demand and lower housing inventory.? Winter is around the corner.? And the new year is full of the unknown with regards to taxes, jobs and the economy.
As we think about Shippensburg real estate we can reflect on a wonderful 2012.? And we can talk about what we think is coming in 2013.
First, 2012 has been a great year for Shippensburg real estate and for JALEX Real Estate Services.? Our sales and market activity has increased another year.? It is official now that JALEX is Shippensburg?s leader in real estate sales, services and information!? Our success has continued in 2012 and we have had the best year yet.? The year had a lot of buyer demand, low interest rates, and prices really came down this year as sellers began making the decision to sell.? Those short sale and foreclosure properties were also selling as banks have stream lined their processes for getting short sales to market and foreclosure sales have been consumed by buyer demand.? With the fourth quarter 2012 we have begun to notice a lack of inventory, or houses to sell.? The absorption rate has dropped to as low as it has been since the 2007 time period.? At JALEX we are focusing on fiishing the year strong working with buyers and sellers to get their transactions to settlement before the end of the year.? Before the tax implications for selling real estate changes BIG TIME!
As we head in to 2013 a lot of uncertainty is out there.? Will Congress come to an agreement on income Budget?? The tax rates are going up but whose?? And how much?? Is the current administration going to attempt to do anything about out of control spending?? Entitlements?? Will there be soution to the fiscal standoff?? As of late, I have begun to see mortgage lender get tighter with respect to making those loans.? I expect that things will certainly tighten up more at the beginning of 2013.? Lenders will look for reasons to not make loans.? In addition to that, sellers are going to continue to see values drop in the short term.? Lower demand due to winter, coupled with tighter lending requirments and negativity will result in lower prices in the north east through winter.? The silver lining for prices, lower inventories.? The number of homes on the market right now in Shippensburg is 50 less than just four months ago.? There is simply not as much to buy and those lower numbers will meet a lower demand from buyers which should keep prices fairly steady.
The question is how much interest rates will rise in 2013, how quick they will do so, and what new changes there will be with lending and taxation.? Inflation is also a factor and the price of everything, including buying and selling a house increases.??The?national real estate market?has built momentum.? Locally, transactions are up and appreciation is right around the corner.? As 2013 approaches?I wonder how this?trend can be mainained?? With no federal budget, higher taxation for everyone?(THAT?S RIGHT, NOT JUST THE RICH PEOPLE, EVERYONE!), higher interest rates, inflation, and who knows what is in the details.? 2013 is beginning with much anticipation and uncertainty.
Steve Coover
Associate Broker, Owner
JALEX Real Estate Services
717-477-9326 Office ? Shippensburg
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Source: http://shippensburgrealestate.com/steves-stats-december-2012-shippensburg-real-estate-stats/
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