Southwestern PA Housing Market Gears Up for Strong 2015

PITTSBURGH, Dec. 11, 2014 /PRNewswire/ -- With the holiday season in full swing, it may take a little more time for homeowners to sell their home, but the real estate market continues to show steady progress going into 2015. According to the November 2014 residential real estate report furnished by the West Penn Multi-List, Inc., new home listings, contracts and sale price continue their upward trend.

"I'm confident the progress made in residential real estate this year has set us up nicely for 2015," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "2015 will be a big year for homebuyers in general, but more specifically, the Pittsburgh region is ripe for first-time homebuyers. Now is the time to engage with a real estate professional if you're considering buying or selling a home."

A comparison of November 2013 to November 2014 data shows:

• New listings increased 2.76 percent (2,176 homes in November 2013 versus 2,236 in November 2014);
• Residential homes placed under agreement increased 3.50 percent (2,686 homes in November 2013 versus 2,780 in November 2014);
• Average home sale price increased 5.50 percent ($157,333 in November 2013 versus $165,979 in November 2014); and
• Average number of days on the market increased 1.32 percent (76 days in November 2013 versus 77 days in November 2014).

"Considering income growth, home prices and availability, the Pittsburgh region is uniquely poised for growth," said Hosack.

When comparing January – November 2014 data with the same time period in 2013:

• New listings increased 1.18 percent (36,014 homes versus 36,440);
• Residential homes placed under agreement decreased 2.98 percent (36,810 homes versus 35,712);
• Average home sale price increased 2.28 percent ($169,189 to $173,042); and
• Average number of days on the market decreased 3.53 percent (85 versus 82 days).

The numbers in this report represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties. For more information, visit http://www.westpennmls.com/.

CONTACT: Kristen Laney O'Toole
[email protected]
412-327-2907

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/southwestern-pa-housing-market-gears-up-for-strong-2015-300008371.html

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com