PITTSBURGH, Nov. 11, 2014 /PRNewswire/ -- The seasons may have changed, but the housing market in Southwestern PA has remained steady. The West Penn Multi-List, Inc. released its October 2014 residential real estate report, and this is the sixth consecutive month new home listings, contracts and sale price have increased, while the number of days a home is on the market has decreased.
"We have been consistent over these past six months, which keeps us optimistic for the future," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh.
A comparison of October 2013 to October 2014 data shows:
- New listings increased 3.10 percent (3,189 homes in October 2013 versus 3,288 in October 2014);
- Residential homes placed under agreement increased 3.70 percent (3,191 homes in October 2013 versus 3,309 in October 2014);
- Average home sale price increased 4.81 percent ($157,454 in October 2013 versus $165,022 in October 2014); and
- Average number of days on the market decreased 3.80 percent (79 days in October 2013 versus 76 days in October 2014).
"While these key indicators show the housing market is healthy, we still need to continue to replenish our inventory of homes throughout the remainder of the year," continued Hosack. "And hopefully winter doesn't hit us as hard as it did last year."
When comparing January – October 2014 data with the same time period in 2013:
- New listings increased 0.87 percent (30,649 homes versus 30,916);
- Residential homes placed under agreement decreased 2.17 percent (30,933 homes versus 30,261);
- Average home sale price increased 1.68 percent ($171,708 to $174,586); and
- Average number of days on the market decreased 4.60 percent (87 versus 83 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
SOURCE West Penn Multi-List, Inc.