PITTSBURGH, Feb. 22, 2016 /PRNewswire/ -- New listings and closed sales are on the rise in western Pennsylvania, and, at the same time, the inventory level is declining, according to the January residential real estate report from West Penn Multi-List, Inc.
"Ideally a six months' supply of homes for sale is a good balance for both buyers and sellers," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh. "That means it would take six months to exhaust active listings at the current sales rate. In January, the inventory level stood at five months, indicating a lower-than-ideal supply versus demand level."
A comparison of January 2016 and January 2015 data shows:
- New listings increased 8.2 percent (2,511 in January 2016 versus 2,320 in January 2015);
- Closed sales increased 5.2 percent (1,432 in January 2016 versus 1,361 in January 2015);
- Average sales price increased 0.6 percent ($170,000 in January 2016 versus $169,000 in January 2015); and
- Months' supply of inventory was five months in January 2016 versus eight months in January 2015.
"With homes in high demand and inventory level slightly lower than demand level," said Croushore, "now is a great time for prospective sellers to get their homes on the market."
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: Kristen Laney O'Toole
Maegen Laney Noble
SOURCE West Penn Multi-List, Inc.