Home Sellers and Buyers Can Benefit from the End-of-Year Market

Dec 21, 2015, 07:57 ET from West Penn Multi-List, Inc.

PITTSBURGH, Dec. 21, 2015 /PRNewswire/ -- Is selling or buying a home on your wish list this holiday season, but you're hesitant to start the process this time of year? According to the November residential real estate report from West Penn Multi-List, Inc., market conditions near the end of this year have favorable aspects for both sellers and buyers.

Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh, said, "Sellers can see quick home sales close to listing prices when inventory levels are modest. Furthermore, buyers can negotiate quicker, easier, non-competitive purchases when there are fewer other buyers shopping this time of year."

A comparison of November 2015 and November 2014 data shows:

  • Average sales price increased 5.5 percent ($174,000 in November 2015 versus $165,000 in November 2014); and
  • Inventory levels decreased 30.5 percent (15,240 listings active in November 2015 versus 21,930 in November 2014).

"Buyers can still benefit from the historically low interest rates that are still in effect, with some forecasters predicting increases in the very near future," continued Croushore. "This could be one of the best times of the year to sell or buy."

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.