Cranberry Twp - Market update for Homes priced $200,000 to $399,999

Cranberry Township - Market Update for homes priced $200,000 to $399,999

December 2009 - May 2010

Looking at the market statistics in the $200,000-$400,000 price range, I believe it is a great price range to be in if you are a seller and you are looking to sell your home!

Here are some current statistics to show you why:

1. The median sale price in this price range for the month of May was $280,000
2. The "days on the market" for the past 6 months has ranged from 64 to 105. (April averaged 64 days on the market before the home sold) (May averaged 70 days on the market before the home sold).
3. The sold to list % difference ranged from 96 to 99%. In May, the homes sold averaged out at selling at 99% of the list price.
4. The absorption rate is what I like to look at to really get a feel for what is going on in the market. What is the absorption rate? The absorption rate is the rate that the current inventory gets absorbed (or sold) in a given month. A small number tells me that more homes are being sold than going on the market. A larger number tells me that more homes are coming on the market than being sold.

Here is what the past 6 months of inventory "absorption rate" was:

December 2009 - 6.8 months

Janaury 2010 - 10.9 months

February 2010 - 8.6 months

March 2010 - 5.7 months

April 2010 - 2.6 months

May 2010 - 4 months

If you are thinking of buying a new home and selling your existing one, now is the time to pick up the phone and call a Realtor!

* Reports published June 2010, based on data available at the end of May 2010. All reports presented are based on data supplied by the WPML. (via TrendGraphics).