Summer Closes Strong for Real Estate in Southwestern Pennsylvania
PITTSBURGH, Sept. 9, 2014 /PRNewswire/ -- Local real estate professionals are encouraged by the back-to-back rise in home listings this summer compared to last year at this time. According to the August 2014 residential real estate report from the West Penn Multi-List, Inc., this is the fourth consecutive month new listings have increased.
"We're glad to see this trend has continued throughout the summer," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Not only have new home listings increased these past four months, but also most major indicators have increased, so we are in a good place heading into the fall season."
A comparison of August 2013 to August 2014 data shows:
- New listings increased 1.63 percent (3,560 homes in August 2013 versus 3,618 in August 2014);
- Residential homes placed under agreement increased 3.99 percent (3,537 homes in August 2013 versus 3,678 in August 2014);
- Average home sale price increased 4.38 percent ($178,095 in August 2013 versus $185,896 in August 2014); and
- Average number of days on the market decreased 2.78 percent (72 days in August 2013 versus 70 days in August 2014).
"When looking at year-to-date statistics compared to the same period in 2013, the inventory of homes just about broke even," continued Hackett. "We're no longer operating under a significant deficit of new listings in the Southwestern Pennsylvania region."
When comparing January – August 2014 data with the same time period in 2013:
- New listings decreased .01 percent (27,592 homes versus 27,590);
- Residential homes placed under agreement decreased 2.52 percent (27,789 homes versus 27,089);
- Average home sale price increased 1.64 percent ($171,799 to $174,608); and
- Average number of days on the market decreased 3.41 percent (88 versus 85 days).
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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