PITTSBURGH, April 13, 2015 /PRNewswire/ -- According to the March 2015 residential real estate report from West Penn Multi-List, Inc., home sale price increased last month, while the number of days on the market decreased.
"New listings remain steady compared to last year at this time, but the absorption rate has increased, which is a good indicator," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "Absorption rate measures market pace, which compares the rate at which new inventory comes onto the market to the average time it takes to sell."
A comparison of March 2014 and March 2015 data shows:
- New listings decreased 0.09 percent (3,404 homes in March 2014 versus 3,401 in March 2015);
- Residential homes placed under agreement decreased 1.57 percent (3,760 homes in March 2014 versus 3,701 in March 2015);
- Average home sale price increased 6.15 percent ($154,036 in March 2014 versus $163,516 in March 2015); and
- Average number of days on the market decreased 4.90 percent (102 days in March 2014 versus 97 in March 2015).
"The ratio of average listing price versus the average sale price reflects a balanced market, which means it's a win-win situation for buyers and sellers alike," said Hosack.
When comparing January – March 2015 data with the same time period in 2014:
- New listings increased 2.85 percent (7,850 homes versus 8,074);
- Residential homes placed under agreement increased 4.14 percent (8,814 homes versus 9,179);
- Average home sale price increased 5.96 percent ($155,599 to $164,865); and
- Average number of days on the market decreased 2.06 (97 days versus 95).
The numbers in this report represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties. For more information, visit http://www.westpennmls.com/.
CONTACT: Kristen Laney O'Toole
[email protected]
412-327-2907
SOURCE West Penn Multi-List, Inc.
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