PITTSBURGH, March 24, 2017 /PRNewswire/ -- With spring in the air, the weather in Western Pa. is not the only thing heating up. According to the West Penn Multi-List, Inc. and its monthly residential real estate report, all key indicators are up compared to last year at this time.
"I believe that recent broad-based economic gains have sparked confidence in home-buying and selling," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "This confidence is bolstered by continuing low mortgage interest rates, which have been unaffected by the Fed's recent hike in the prime rate."
When comparing January-February 2017 with the same time period in 2016:
- Closed sales are up 1.63 percent (2,986 units in 2017 versus 2,938 in 2016);
- Closed sales volume is up 4.27 percent ($495,711,832 in 2017 versus $475,397,780 in 2016);
- Average sale price is up 2.60 percent ($166,012 in 2017 versus $161,810 in 2016); and
- New listings are up 5.27 percent (5,456 units in 2017 versus 5,183 in 2016).
"Kicking off the year with solid growth helps maintain a healthy residential real estate market," said Croushore. "Spring is typically a great time of year to list or purchase a home, so if you're thinking about it, get in touch with a real estate professional early in the process."
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.
CONTACT: Maegen Laney Noble
Kristen Laney O'Toole
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SOURCE West Penn Multi-List, Inc.