PITTSBURGH, June 29, 2017 /PRNewswire/ -- The inventory in our region (total number of homes for sale) continues to be below optimal, yet all other key indicators are up, according to West Penn Multi-List, Inc. and its monthly residential real estate report.
"This is a classic case of demand outpacing supply," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "Houses are getting sold and moving off the market quickly, while the inventory is being replenished by new houses for sale at a somewhat lower rate."
When comparing January-May 2017 with the same time period in 2016:
- Closed sales are up 3.69 percent (10,484 units in 2017 versus 10,111 in 2016);
- Closed sales volume is up 5.48 percent ($1,821,322,416 in 2017 versus $1,726,645,359 in 2016);
- Average sale price is up 1.73 percent ($173,724 in 2017 versus $170,769 in 2016); and
- Home listings are down 0.28 percent (18,433 units in 2017 versus 18,485 in 2016).
"If you're considering selling your home, now is an ideal time to list it with a real estate professional," said Croushore.
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.
CONTACT: Maegen Laney Noble
Kristen Laney O'Toole
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SOURCE West Penn Multi-List, Inc.