Average Home Sale Price Increases in Southwestern Pennsylvania

Feb 08, 2013, 10:00 ET from West Penn Multi-List, Inc.

PITTSBURGH, Feb. 8, 2013 /PRNewswire/ -- West Penn Multi-List, Inc., today announced its January 2013 residential real estate statistics, which painted a favorable picture for those selling their homes in Southwestern Pennsylvania. 

"An increasing number of homes are selling more quickly and for a higher average price than they did last year at this time," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "The housing inventory in our area is being depleted, as the number of homes under sales agreement continues to increase, which is having a positive effect on average home sale price."   

A comparison of January 2013 to January 2012 data shows:

  • Residential homes placed under agreement increased 23.69 percent (2,258 homes versus 2,793);
  • New listings were up 0.95 percent (2,519 homes versus 2,543);
  • Average sale price increased 2.99 percent ($152,495 versus $157,051); and
  • Average number of days on market decreased 4.9 percent (97 days to 102 days).

"It's a good time to sell a home in our region," Hackett continued. "Many agents are reporting multiple offers on the same home and buyers with cash in hand. A professional real estate agent who understands the local market can be a real asset in navigating today's real estate environment."

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.


Kristen Laney O'Toole




SOURCE West Penn Multi-List, Inc.