Southwestern Pennsylvania Home Sales See Double-Digit Increase in December

PITTSBURGH, Jan. 5, 2012 /PRNewswire/ -- Residential homes placed under agreement in Southwestern Pennsylvania increased 16 percent in December 2011 versus December 2010 (2,211 homes versus 1,906), according to the December real estate report from West Penn Multi-List, Inc., the definitive source for real estate information for its 13-county service area.

"We're thrilled to start the New Year with another double-digit increase in residential home sales," said Ron Croushore, current president of the West Penn Multi-List, Inc. and president/owner of Prudential Preferred Realty. "The positive sales trend continues across all regions of Southwestern Pennsylvania.  Continued low interest rates, increased activity in our region's energy sector and unseasonably warm temperatures were all contributing factors to this positive year-end trend." 

While all regions of the West-Penn Multi-List service area showed increases in homes placed under agreement, following are the county-specific increases in the number of homes placed under agreement in December 2011 versus December 2010 for the five most populous counties in Southwestern Pennsylvania. 

• Allegheny County:  11.96 percent increase (1,105 homes versus 987)
• Beaver County:  18.90 percent increase (151 homes versus 127)
• Butler County: 0.61 percent increase (165 homes versus 164)
• Washington County: 50.35 percent increase (212 homes versus 141)
• Westmoreland County:  32.37 percent increase (274 homes versus 207)

In contrast, new listings were down 6.69 percent in December 2011 versus December 2010 (1,535 homes in December 2011 versus 1,645 homes in December 2010), and for all of 2011, new listings were down 6.25 percent (35,889 homes in 2011 versus 38,281 homes in 2010).  However, average home sale price was up 3.63 percent for the year ($156,383 for 2011 versus $150,902 for 2010).

"This positive increase in home sales is very encouraging, and we'd also like to see more people placing their homes on the market," Croushore said.  "Since home buyers are taking advantage of extremely low interest rates, prospective sellers should be encouraged by increasing average sales prices and less competition, as fewer homes are available for sale.  Calling a real estate agent is a smart first step if you're interested in buying or selling a home."  

For all of 2011, the number of homes placed under agreement is similar to 2010, down 0.87 percent (33,569 homes in 2011 versus 33,862 homes in 2010), meaning that the early-2011 declines in home sales were offset by late-year increases. 

"In early 2011, home sales were lower than for the same period in 2010, which was when people were taking advantage of the government's home-buyer tax credits," Croushore said. "In 2011, we've seen people buying and selling more consistently throughout the year."

These numbers represent the 13-county area serviced by the West Penn Multi-List, Inc. (Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties).

The West Penn Multi-List, Inc. is committed to providing the most innovative and cost-effective multiple-listing services to its broker subscribers. The West Penn Multi-List, Inc. provides state-of-the-art programs for the benefit of its brokers and their agents. These programs are offered to stay current with advancing technology and enhance the professionalism of the brokers and their agents, which results in unparalleled service to their customers. The West Penn Multi-List, Inc. strives to protect the integrity of the data while recognizing that the data is the exclusive property of the broker. For more information, visit www.westpennmls.com.

SOURCE West Penn Multi-List, Inc.