PITTSBURGH, April 26, 2016 /PRNewswire/ -- Buyers want to get into the real estate market, and the number of homes from which they have to choose is rising. According to the Q1 2016 residential real estate report from West Penn Multi-List, Inc., the demand for homes continues, and the inventory level (number of homes for sale) remains favorable across western Pennsylvania.
"Extremely low mortgage rates have continued for some time now, even during periods when our inventory was low," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh. "This is an unusual phenomenon that creates a favorable environment both for sellers to sell and buyers to buy."
When comparing January-March 2016 (Q1) key metrics with the same time period in 2015:
- New listings increased 16.3 percent to 9,854;
- Closed sales increased 2.4 percent to 4,941;
- Inventory levels grew 0.2 percent to 19,289 units; and
- Average sales price decreased 0.9 percent to $164,717.
"As we see seller and buyer confidence increasing, we expect to see more activity in the second quarter, which typically tends to rank as the best time of year to list a home for quick sale," continued Croushore. "Employment figures are positive with wages increasing and employers hiring, so that's all good news for the market."
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county 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
Maegen Laney Noble
SOURCE West Penn Multi-List, Inc.