Southwestern Pennsylvania Residential Real Estate Market Surges in May

PITTSBURGH, June 5, 2013 /PRNewswire/ -- The residential real estate market surged last month with new listings and homes under agreement both increasing by double digits, according to the May Southwestern Pennsylvania residential real estate report from the West Penn Multi-List, Inc

"The May data further proves that the housing market is more than back on track in our area. In fact, it's moving full steam ahead," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. 

A comparison of May 2012 to May 2013 data for the 13-county region the West Penn Multi-List serves shows new listings increased 10.95 percent (3,736 homes versus 4,145), and residential homes placed under agreement increased 16.73 percent (3,778 homes versus 4,410). For the same time period, average home sale price decreased 1.62 percent ($173,582 to $170,777), and average days on market decreased 8.08 percent (99 versus 91 days). 

"Over the past several months, we've seen strong demand for homes," Hackett said. "It's nice to see the supply of homes for sale starting to catch up to the demand. With continued favorable interest rates, we anticipate the demand for existing homes and new construction to stay strong."

When comparing January – May 2012 data with the same time period in 2013, new listings increased 0.76 percent (16,381 homes versus 16,506), and residential homes placed under agreement increased 10.66 percent (15,601 homes versus 17,264). For the same time period, average home sale price increased 1.76 percent ($158,698 to $161,493), and average days on market decreased 7.55 percent (106 versus 98 days). 

"Summer is the busiest season for residential real estate in our area," Hackett said. "For those interested in selling their homes, I would recommend they contact a real estate professional to take advantage of the active home-buying season."  

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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