PITTSBURGH, Aug. 22, 2018 /PRNewswire/ -- The volume of closed home sales is skyrocketing compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report.
"The growth of home sales in our market is extraordinary," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Real estate professionals have been busy this summer helping clients, and we have seen a 10 percent uptick in closed sales volume compared to last year."
When comparing January-July 2018 with the same time period in 2017:
- Closed sales are up 2.09 percent (16,696 units in 2018 versus 16,354 in 2017);
- Closed sales volume is up 10.07 percent ($3,240,259,504 in 2018 versus $2,943,769,062 in 2017);
- Average sale price is up 7.82 percent ($194,074 in 2018 versus $180,003 in 2017); and
- Home listings are down 2.88 percent (24,928 units in 2018 versus 25,668 in 2017).
"I expect to see increased activity as we close out the summer," said Hackett. "The price of homes is on the rise and inventory is in high demand, so now is a great time to sell your house."
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: Erin Laney
SOURCE West Penn Multi-List, Inc.