William Kellam

Trulia Sees Softening Prices

Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 24 percent of listings currently on the market in the United States as of July 1, 2010 experienced at least one price reduction. This represents a nine percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

Many of the largest U.S. cities saw significant increases in price reduction levels this month with 22 of the top 50 cities across the U.S. experiencing price reduction levels at 30 percent or more, compared to just 10 cities in the previous month. Minneapolis leads the way with 40 percent of its home listings experiencing at least one price cut. This is the third straight month that Minneapolis has held the top spot and no other city has reached the 40 percent mark since Trulia started tracking home price reductions in April 2009. With an average discount for price-reduced homes at nine percent, the city’s total dollar amount slashed from home prices was $30.1 million.

 

“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of Trulia. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.”

June 2010 Market Stats

 

June, 2010			2009		2010		Change
New Listings			223		251		12.60%
Closed Sales			117		138		17.90%
Pending Sales			110		121		10.00%
Median Sales Price			$175,000		$165,000		-5.70%
Percent of Original List Price Received at Sale			90.90%		91.20%		0.03%
Average Days on Market Until Sale			135		123		-8.70%
Single-Family Detached Inventory			935		1018		8.90%
Townhouse-Condo Inventory			296		297		0.03%
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look
extreme due to the small sample size involved. Does not include seller concessions.
Year to Date			2009		2010		Change
New Listings			1315		1523		15.80%
Closed Sales			526		637		21.10%
Pending Sales			622		709		14.00%
Median Sales Price			$165,000		$152,050		-7.80%
Percent of Original List Price Received at Sale			91.0%		90.8%		0.02%
Average Days on Market Until Sale			130		130		0.0%

May 2010 Market Statistics for Franklin County

May, 2010			2009		2010		Change
New Listings			218		227		4.10%
Closed Sales			92		116		26.10%
Pending Sales			123		85		-30.90%
Median Sales Price			$162,500		$157,000		-3.40%
Percent of Original List Price Received at Sale			93.20%		91.00%		-2.40%
Average Days on Market Until Sale			113		149		31.60%
Single-Family Detached Inventory			921		1006		9.20%
Townhouse-Condo Inventory			314		315		0.30%
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look
extreme due to the small sample size involved. Does not include seller concessions.
Year to Date			2009		2010		Change
New Listings			1092		1271		16.40%
Closed Sales			409		495		21.00%
Pending Sales			512		602		17.60%
Median Sales Price			$162,250		$150,000		-7.60%
Percent of Original List Price Received at Sale			91.0%		90.6%		-0.3%
Average Days on Market Until Sale			129		132		2.7%
Single Family Detached Inventory
Townhouse-Condo Inventory

May statistics from MRIS. 

Open House in Southampton Township on Sunday

June 2010
Su	Mo	Tu	We	Th	Fr	Sa
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3
4	5	6	7	8	9	10

Southampton Township, Shippensburg  -  We invite everyone to visit our open house at 15 Feather Dr on June 13 from 2:00 PM to 4:00 PM.

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Open House in Southampton Township on Saturday

June 2010
Su	Mo	Tu	We	Th	Fr	Sa
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3
4	5	6	7	8	9	10

Southampton Township, Shippensburg  -  We invite everyone to visit our open house at 15 Feather Dr on June 12 from 2:00 PM to 4:00 PM.

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Open House in Chambersburg on Sunday

June 2010
Su	Mo	Tu	We	Th	Fr	Sa
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3
4	5	6	7	8	9	10

Chambersburg, Franklin County  -  We invite everyone to visit our open house at 700 Highland Ave. on June 13 from 2:00 PM to 4:00 PM.

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Open House in Penn National on Saturday

June 2010
Su	Mo	Tu	We	Th	Fr	Sa
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3
4	5	6	7	8	9	10

Penn National, Fayetteville  -  We invite everyone to visit our open house at 3854 Farmstead Drive on June 12 from 2:00 PM to 4:00 PM.

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2 Story For Sale in Stony Point

• 3,506 sq. ft., 3 bath, 4 bdrm 2 story "Colonial" - MLS® $259,000

Stony Point, Shippensburg  -  Excellent value in Stony Point community outside of Shippensburg. 4BR, 2.5 bath brick and vinyl colonial on a cul-de-sac with lots of great features including: in ground pool, finished basement with possible fifth bedroom or office, finished recreation/laundry room above the garage with deck and steps to the backyard, covered patio, hardwood floors in the kitchen/dining area, and large island/breakfast bar. The home offers gas forced air heat and central air and nine ceiling fans. Lots of home in a great location with plenty of privacy to the rear. Call us to schedule your appointment to see this well priced home!

Property information

April 2010 Market Statistics

 

April, 2010					2009		2010		Change		Year to Date	2009		2010		Change
New Listings					229		295		28.80%		New Listings	874		1044		19.50%
Closed Sales					91		144		58.80%		Closed Sales	317		373		17.70%
Pending Sales					102		173		69.60%		Pending Sales	390		519		33.10%
Median Sales Price					$155,500		$149,950		-3.60%		Median Sales Price	$161,000		$150,000		-6.80%
Percent of Original List Price Received at Sale					90.60%		90.80%		0.20%		Percent of Original List Price Received at Sale	90.3%		90.5%		0.2%
Average Days on Market Until Sale					140		121		-13.20%		Average Days on Market Until Sale	133		128		-4.2%
Single-Family Detached Inventory					926		972		5.00%		Single Family Detached Inventory
Townhouse-Condo Inventory					319		286		-10.30%		Townhouse-Condo Inventory
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.

 MRIS changed their format this month to include more pertinent information such as inventory numbers split between single family and townhouse-condo.  While the sale numbers are showing improvement, the median sale price is continuing to decline.  Nationally, that number has bottomed and has started to turn around in some markets, so we might also expect to see that decline bottom this year in our area.

Please feel free to comment or contact us for any clarification.

 

Open House in Guilford Hills North on Sunday

May 2010
Su	Mo	Tu	We	Th	Fr	Sa
25	26	27	28	29	30	1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31	1	2	3	4	5

Guilford Hills North, Chambersburg  -  We invite everyone to visit our open house at 164 Guilford Drive on May 16 from 1:00 PM to 4:00 PM.

Property information

Open House in Laurich Hill on Sunday

May 2010
Su	Mo	Tu	We	Th	Fr	Sa
25	26	27	28	29	30	1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31	1	2	3	4	5

Laurich Hill, Chambersburg  -  We invite everyone to visit our open house at 137 Jameslee Drive on May 16 from 2:00 PM to 4:00 PM.

Property information

Open House in Greencastle on Saturday

May 2010
Su	Mo	Tu	We	Th	Fr	Sa
25	26	27	28	29	30	1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31	1	2	3	4	5

Greencastle, Franklin County  -  We invite everyone to visit our open house at 10689 Scenic View Dr. on May 22 from 2:00 PM to 4:00 PM.

Property information

March 2010 Market Statistics

	2010	2009
Total Sold Dollar Volume:	$ 16,654,165	$ 15,994,750	4.12 %
Average Sold Price:	$ 164,893	$ 168,366	- 2.06 %
Median Sold Price:	$ 150,000	$ 160,000	- 6.25 %
Total Units Sold:	101	95	6.32 %
Average Days on Market:	145	149	- 2.68 %
Average List Price for Solds:	$ 188,148	$ 189,550	- 0.74 %
Avg Sale Price as a percentage of Avg List Price:	87.64 %	88.82 %

 

Statistics from MRIS Franklin County PA, March 2010.

Open House in Guilford Hills South on Sunday

April 2010
Su	Mo	Tu	We	Th	Fr	Sa
28	29	30	31	1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	1
2	3	4	5	6	7	8

Guilford Hills South, Chambersburg  -  We invite everyone to visit our open house at 289 Briar Lane on April 18 from 1:00 PM to 3:00 PM.

Property information

Open House in Waynesboro on Sunday

April 2010
Su	Mo	Tu	We	Th	Fr	Sa
28	29	30	31	1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	1
2	3	4	5	6	7	8

Waynesboro, Franklin County  -  We invite everyone to visit our open house at 8464 Stottlemyer Rd. on April 11 from 2:00 PM to 4:00 PM.

Property information