Southwestern Pennsylvania Housing Market Shows Solid Growth in November
PITTSBURGH, Dec. 5, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports an increase in average home sale price and the number of homes placed under agreement in November 2012 versus November 2011.
In the 13-county region served by the West Penn Multi-List, Inc., the number of residential homes placed under agreement increased 9.11 percent (2,646 in November 2012 versus 2,425 in November 2011). Average home sale price increased 7.83 percent ($157,050 versus $145,641), while the number of homes listed for sale (new listings) decreased 1.12 percent (2,123 homes versus 2,147). The average number of days on market decreased from 94 days in November 2011 to 89 days in 2012.
"Buyers are taking advantage of more than appealing interest rates, and sellers are benefiting from the active market, smaller than normal inventory of homes for sale and increasing average sale prices," said Barbara Kohl, executive vice president of the West Penn Multi-List, Inc. "With fewer homes listed for sale, buyers are moving quickly to make offers on homes that are priced right."
For the first 11 months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements in all major indicators. The number of homes placed under agreement increased 10.84 percent (34,621 homes versus 31,234); average home sale price increased 5.76 percent ($166,012 versus $156,971); and new listings increased 1.38 percent (34,821 homes versus 34,348). The average number of days on market decreased 7 percent (100 days in January-November 2011 to 93 days for the same period in 2012).
"It's a great time to buy or sell a home in Southwestern Pennsylvania," Kohl said. "Based on our area's positive momentum and the improvement of the housing market nationally, we anticipate the residential real estate market in our area to continue to grow in 2013."
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.
SOURCE West Penn Multi-List, Inc.