Southwestern Pennsylvania Real Estate Begins to Bloom
PITTSBURGH, April 8, 2014 /PRNewswire/ -- March typically comes in like a lion and goes out like a lamb, and that has proven to be true for the recent weather as well as the real estate market in southwestern Pennsylvania. Signs of spring are popping up with an increase in residential homes placed under agreement and an increase in the average sale price, according to the March 2014 residential real estate report from the West Penn Multi-List, Inc.
"While we saw a dip in most major indicators in February, March is looking a little more promising for the housing market overall," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh.
A comparison of March 2013 to March 2014 data shows:
- New listings decreased 6.06 percent (8,356 homes in March 2013 versus 7,850 homes in March 2014);
- Residential homes placed under agreement increased 0.77 percent (8,747 homes in March 2013 versus 8,814 homes in March 2014);
- Average sale price increased 0.22 percent ($155,261 in March 2013 versus $155,599 in March 2014); and
- Average number of days on the market decreased 3.96 percent (101 in March 2013 versus 97 in March 2014).
"Homes are selling more quickly and for a higher average price because we have a decreasing number of homes for sale, so if homeowners are thinking about selling, now is the time to spring into action," Hackett said. "We need more inventory to keep up with the demand in our region."
When comparing January – March 2014 data with the same time period in 2013:
- New listings increased 4.48 percent (3,258 homes versus 3,404);
- Residential homes placed under agreement increased 11.34 percent (3,377 homes versus 3,760);
- Average days on market decreased 1.92 percent (104 versus 102 days); and
- Average home sale price decreased 2.46 percent ($157,927 to $154,036).
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.
CONTACT: Kristen Laney O'Toole
[email protected]
412.327.2907
SOURCE West Penn Multi-List, Inc.
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