Southwestern Pennsylvania Home Contracts Increase Nearly 28 Percent in October

Nov 14, 2012, 09:30 ET from West Penn Multi-List, Inc.

PITTSBURGH, Nov. 14, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports increases in all key real estate indicators -- new listings, average price and homes placed under agreement in October 2012 versus October 2011.

In the 13-county region served by the West Penn Multi-List, Inc., the number of residential homes placed under agreement increased 27.83 percent (3,280 in October 2012 versus 2,566 in October 2011).  Average home sale price increased 6.35 percent ($161,973 versus $152,305), while the number of homes listed for sale (new listings) increased 8.06 percent (2,935 homes versus 2,716).

"We haven't seen a more than 25 percent increase in homes placed under sales agreements since January 2012, which registered an increase of 26.13%," said Barbara Kohl, executive vice president of the West Penn Multi-List, Inc. "We are even more pleased that the number of homes listed for sale and average home sale price increased, and most importantly, the average days on market has decreased from 102 days in January 2012 to 83 days in October 2012.  All of these metrics point to the fact that we have a favorable real estate market for both home buyers and sellers."

For the first 10 months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. also reports improvements in all major indicators. The number of homes placed under agreement increased 11.92 percent (32,244 homes versus 28,809); average home sale price increased 5.61 percent ($166,847 versus $157,977); and new listings increased 1.55 percent (32,700 homes versus 32,201).

"It is encouraging to see real estate momentum pick up and lead into a prosperous market going into 2013," Kohl said. "We are seeing strength in the residential real estate market across all counties covered by the West Penn Multi-List in the Southwestern Pennsylvania area.  This is great statistical information for those individuals who may be contemplating buying a home or listing their home for sale.  The numbers prove that now is the time to enter the real estate market."

These numbers 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.

CONTACT: Kristen Laney


SOURCE West Penn Multi-List, Inc.