PITTSBURGH, June 18, 2015 /PRNewswire/ -- Is it currently a buyer's or seller's market for residential real estate in Southwestern PA? According to the May 2015 residential real estate report from West Penn Multi-List, Inc., major indicators are pointing to a balanced market.
"With new home listings on the rise, there is a healthy inventory of homes from which buyers can choose," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "The ratio between average listing price and selling price is balanced. Sellers are getting close to what they are asking for their homes, and the average listing price has increased from last year at this time." The average percentage of listing price for which homes sold was 96.17 percent in May 2015.
A comparison of May 2014 and May 2015 data shows:
- New listings increased 6.36 percent (4,503 properties in May 2014 versus 4,809 in May 2015);
- Average listing price increased 12.22 percent ($194,000 in May 2014 versus $221,000 in May 2015);
- The total number of units that closed sale during the month decreased .85 percent (2,490 in May 2014 versus 2,469 in May 2015); and
- The sum of prices for all residential properties that closed during the month increased 3.18 percent ($429.6 million in May 2014 versus $443.7 million in May 2015).
Listing data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 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
SOURCE West Penn Multi-List, Inc.