Residential Real Estate Marches Forward in Southwestern PA
PITTSBURGH, March 16, 2015 /PRNewswire/ -- Winter doldrums? Not in residential real estate. According to the February 2015 residential real estate report from the West Penn Multi-List, Inc., all major indicators increased last month.
"Pittsburgh recently topped the list in terms of affordability for median-priced homes in 27 metro areas," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "With mortgage rates under four percent, and new, affordable listings on the rise, the residential real estate market in Pittsburgh is ripe, especially for first-time homebuyers."
A comparison of February 2014 and February 2015 data shows:
- New listings increased 5.86 percent (2,236 homes in February 2014 versus 2,367 in February 2015);
- Residential homes placed under agreement increased 6.23 percent (2,729 homes in February 2014 versus 2,899 in February 2015);
- Average home sale price increased 9.37 percent ($149,074 in February 2014 versus $163,046 in February 2015); and
- Average number of days on the market increased 1.02 percent (98 days in February 2014 versus 99 days in February 2015).
"Activity is high, especially for winter, and we've been fortunate this year that we haven't been hit with heavy snow like last year," said Hosack. "If we can keep our inventory of homes steadily growing over the next few months, residential real estate will be booming in southwestern PA by summer."
When comparing January – February 2015 data with the same time period in 2014:
- New listings increased 5.11 percent (4,446 homes versus 4,673);
- Residential homes placed under agreement increased 4.10 percent (5,262 homes versus 5,478);
- Average home sale price increased 6.12 percent ($156,626 to $166,215); and
- Average number of days on the market remained the same (94 days).
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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