Southwestern Pennsylvania Residential Real Estate Market Blossoms in April
PITTSBURGH, May 9, 2013 /PRNewswire/ -- While the weather was cool, the residential real estate market heated up in April. Key market indicators – new listings, average home sale price and homes under agreement – improved, according to the April residential real estate report from the West Penn Multi-List, Inc.
"Summertime is always the most active season for residential real estate, and we expect the summer of 2013 to be busier than years past," said Barbara Kohl, chief operating officer of the West Penn Multi-List, Inc. "In our region, we have all the ingredients to make for a stellar summer – population growth, improving employment, low interest rates and an increasing number of first-time homebuyers."
A comparison of April 2012 to April 2013 data for the 13-county region the West Penn Multi-List serves shows new listings increased 4.92 percent (3,818 homes versus 4,006), and residential homes placed under agreement increased 17.24 percent (3,574 homes versus 4,190). For the same time period, average home sale price increased 1.48 percent ($161,541 to $163,935), and average days on market decreased 7.48 percent (107 versus 99 days).
"We're pleased to see more people listing their homes for sale in our region, since we have such an active home-buying market," Kohl said. "Homes are selling more quickly than we've seen in years, which bodes well for those who are interested in selling."
When comparing January – April 2012 data with the same time period in 2013, new listings decreased 2.24 percent (12,645 homes versus 12,362), and residential homes placed under agreement increased 11.46 percent (11,823 homes versus 13,178). For the same time period, average home sale price increased 3.35 percent ($152,885 to $158,004), and average days on market decreased 8.26 percent (109 versus 100 days).
"Based on this latest information, my advice to homebuyers is to 'act fast' if they see a home that's of interest to them, and my advice to potential home sellers is to 'list soon' to take advantage of the active summer months," Kohl said. "We expect competition for homes to continue to heat up throughout the summer."
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.