2013 Was Banner Year for Residential Real Estate in Southwestern Pennsylvania

Jan 07, 2014, 09:00 ET from West Penn Multi-List, Inc.

PITTSBURGH, Jan. 7, 2014 /PRNewswire/ -- Southwestern Pennsylvania's residential real estate market continued its upward climb in 2013, according to the year-end residential real estate report from the West Penn Multi-List, Inc.

"The numbers are in, and our area saw another year of strong growth in residential real estate," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "The growth the housing market realized in 2013 is particularly impressive, since we also had a strong market in 2012."  

From January through December 2013 versus the same period in 2012, the West Penn Multi-List, Inc. reports improvements in all major indicators. The number of homes placed under agreement increased 7.23 percent (39,233 homes versus 36,588); average home sale price increased 1.54 percent ($168,380 versus $165,830); and new listings increased 2.66 percent (37,558 homes versus 36,585). The average number of days on market decreased 8.6 percent (85 days in January-December 2013 to 93 days for the same period in 2012).

"While average sale price is increasing modestly, we're seeing homes sell much more quickly than they have in the past," Hackett said. "Across the region, it turned out to be a sellers' market in 2013, with a lot of competition for properties for sale.  My best advice to those selling is to be prepared for a quick sale, and for those buying, to be patient, as it might take time to find the right property."

Within the 13-county region the West Penn Multi-List serves, several counties showed notable growth, when comparing the full year's data, including Allegheny, Beaver, Clarion, Somerset, Fayette and Greene counties. In Allegheny County, the most populous county in West Penn Multi-List's region, saw a nearly 11 percent increase in homes sold, coupled with a nearly 9 percent decrease in the average number of days on market.

When comparing December 2013 to December 2012, across the 13-county region, the number of residential homes placed under agreement decreased 0.64 percent (2,306 in December 2013 versus 2,321 in December 2012).  Average home sale price decreased 3.95 percent ($158,935 versus $165,482), while the number of homes listed for sale (new listings) decreased 1.08 percent (1,544 homes versus 1,561). The average number of days on market increased 14.08 percent -- from 81 days in December 2013 to 71 days in 2012.

These numbers represent a 13-county area serviced by the West Penn Multi-List, Inc. --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.