PITTSBURGH, May 17, 2018 /PRNewswire/ -- Home sales and sale prices are up considerably compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report. Sellers are enjoying a good return on investment, while buyers are undergoing a competitive bidding process.
"The appreciation in home sales we are experiencing in our region is unprecedented," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "The residential real estate market in Pittsburgh is usually slow and steady, but business is booming right now, and real estate agents are selling houses at lightning speed."
When comparing January-April 2018 with the same time period in 2017:
- Closed sales are up 0.71 percent (7,757 units in 2018 versus 7,702 in 2017);
- Closed sales volume is up 9.55 percent ($1,425,434,077 in 2018 versus $1,301,229,794 in 2017);
- Average sale price is up 8.77 percent ($183,761 in 2018 versus $168,947 in 2017); and
- Home listings are down 7.74 percent (12,354 units in 2018 versus 13,390 in 2017).
"With interest rates low and home prices up significantly, now is the ideal time to sell a house," said Hackett. "If you're considering selling, call your local real estate agent just to learn the value of your home, if nothing else."
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: Maegen Laney Noble
Kristen Laney O'Toole
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SOURCE West Penn Multi-List, Inc.