PITTSBURGH, Dec. 21, 2017 /PRNewswire/ -- According to West Penn Multi-List, Inc. and its monthly residential real estate report, the local housing market continues to experience an uptick in sales compared to last year.
"Although summer is the most popular time of year for real estate activity, the winter months can make a lot of sense financially," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "A lot of people find it inconvenient to move during the winter, resulting in a small group of potential buyers who have greater opportunity to negotiate with motivated sellers."
When comparing January-November 2017 with the same time period in 2016:
- Closed sales are up 3.23 percent (26,408 units in 2017 versus 25,581 in 2016);
- Closed sales volume is up 8.73 percent ($4,826,431,712 in 2017 versus $4,438,789,539 in 2016);
- Average sale price is up 5.33 percent ($182,764 in 2017 versus $173,519 in 2016); and
- Home listings are up 0.37 percent (31,339 units in 2017 versus 31,224 in 2016).
"This time of year, there's low demand for moving companies, so prices are typically more competitive than during the spring/summer months," said Hackett. "Furthermore, new construction homebuilders offer incentives to attract customers during the slow season."
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
SOURCE West Penn Multi-List, Inc.