August Home Sales Brisk in Southwestern Pennsylvania

Sep 05, 2013, 09:15 ET from West Penn Multi-List, Inc.

PITTSBURGH, Sept. 5, 2013 /PRNewswire/ -- The West Penn Multi-List, Inc. reports brisk home sales in August for the southwestern Pennsylvania region. The number of homes placed under agreement increased by double-digits, while average days on market decreased by double-digits versus August 2012.  

A comparison of August 2012 to August 2013 data for the 13-county region the West Penn Multi-List serves shows:

  • New listings increased 3.94 percent (3,425 homes versus 3,560);
  • Residential homes placed under agreement increased 14.73 percent (3,327 homes versus 3,817);
  • Average home sale price increased 2.64 percent ($173,324 to $177,901); and
  • Average days on market decreased 12.20 percent (82 versus 72 days).

"This is good news for the housing market in southwestern Pennsylvania," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "Since housing inventory is tight in our region, homes are selling more quickly."

When comparing January – August 2012 data with the same time period in 2013:

  • New listings increased 2.58 percent (26,898 homes versus 27,592);
  • Residential homes placed under agreement increased 9.08 percent (25,949 homes versus 28,306);
  • Home sale price increased 2.58 percent ($167,427 to $171,744); and
  • Average days on market decreased 8.33 percent (96 versus 88 days).

"With the number of homes listed for sale continuing to lag behind the number of homes placed under agreement, it points to the need for a greater supply of homes for sale in our region," Hackett said. "I would recommend that those who are considering selling a home should call a real estate professional to help navigate today's marketplace."

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.