Extreme Weather Affects Housing Market in Southwestern Pennsylvania

PITTSBURGH, March 10, 2014 /PRNewswire/ -- While it might be time to spring forward on the clocks, spring has not yet sprung in southwestern Pennsylvania.  According to the February 2014 residential real estate report from the West Penn Multi-List, Inc., most major indicators dipped in February.

"The extreme winter conditions that we've been experiencing have certainly chilled the housing market," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "While we saw a dip in most major indicators in February, the drop in homes listed for sale was the largest, and one that we need to continue to watch, as a reduction in homes for sale has been an ongoing issue in this area."   

A comparison of February 2013 to February 2014 data shows:

• New listings decreased 12.49 percent (2,555 homes in  February 2013 versus 2,236 in February 2014);
• Residential homes placed under agreement decreased 3.94 percent (2,841 homes versus 2,729);
• Average sale price decreased 0.35 percent ($149,592 versus $149,074); and
• Average number of days on market decreased 2.97 percent (101 days to 98 days).

"Spring will come eventually in our region, and when it does, we anticipate a busy season," Hackett said. "Most sectors are taking a hit right now, due to the unseasonably cold and snowy season, but we know spring is just around the corner, and we are ready."  

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.

CONTACT: Kristen Laney O'Toole
[email protected] 
412-327-2907

SOURCE West Penn Multi-List, Inc.