Southwestern Pennsylvania Home Contracts, Listings Increase in October

PITTSBURGH, Nov. 12, 2013 /PRNewswire/ -- With a more than 15 percent increase in the number of homes placed under agreement in southwestern Pennsylvania, the residential real estate market has not yet cooled down, according to the October housing report from the West Penn Multi-List, Inc.

A comparison of October 2012 to October 2013 data for the 13-county region the West Penn Multi-List serves shows:

  • New listings increased 8.69 percent (2,934 homes versus 3,189);
  • Residential homes placed under agreement increased 15.07 percent (3,006 homes versus 3,459);
  • Average days on market decreased 4.82 percent (83 versus 79 days); and
  • Average home sale price decreased 2.99 percent ($162,062 to $157,216).

"Listings have struggled to keep pace with sales this year, so it is encouraging to see a healthy increase in new listings," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh.

When comparing January - October 2012 data with the same time period in 2013:

  • New listings increased 3.49 percent (32,698 homes versus 33,838);
  • Residential homes placed under agreement increased 8.91 percent (31,748 homes versus 34,577);
  • Average days on market decreased 7.53 percent (93 versus 86 days); and
  • Average home sale price increased 2 percent ($166,863 to $170,197).

"Although interest rates have been creeping upward over the past several months, home sales remain strong in southwestern Pennsylvania," Hackett said.  

These numbers 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.

CONTACT: Kristen Laney O'Toole

SOURCE West Penn Multi-List, Inc.


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