Residential Real Estate Enjoys Summer Surge in Southwestern PA
PITTSBURGH, Sept. 21, 2015 /PRNewswire/ -- According to West Penn Multi-List, Inc., all major indicators have risen for the past three consecutive months, creating a powerful summer surge in residential real estate. The most significant growth this summer has been the average listing price, which peaked in July.
"Typically families with school-age children prefer settling into a new home prior to the start of the school year, so they make up a good portion of homeseekers in the summer months," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "Don't discount a late summer/early fall move, though, because you can find great deals on the market now."
A comparison of August 2014 and August 2015 data shows:
- New listings increased 9.91 percent (3,935 properties in August 2014 versus 4,368 in August 2015);
- Average listing price increased 12.39 percent ($191,000 in August 2014 versus $218,000 in August 2015);
- The total number of units that closed sale during the month increased 4.47 percent (2,563 in August 2014 versus 2,683 in August 2015); and
- The sum of prices for all residential properties that closed during the month increased 6.69 percent ($472.6 million in August 2014 versus $506.5 million in August 2015).
"Real estate professionals are encouraged by recent activity and the growth we've seen compared to last year at this time," continued Hosack. "We're hopeful this momentum carries through to fall."
Listing data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 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
[email protected]
412-327-2907
SOURCE West Penn Multi-List, Inc.
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