Southwestern Pennsylvania Home Contracts Surge in September

Oct 08, 2013, 09:00 ET from West Penn Multi-List, Inc.

PITTSBURGH, Oct. 8, 2013 /PRNewswire/ -- While the seasons have changed, the residential real estate market in southwestern Pennsylvania remains hot, according to the September housing report from the West Penn Multi-List, Inc.

"We saw improvements in all major housing market metrics in our region last month, including an impressive double-digit increase in homes placed under sales agreement," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh.  

A comparison of September 2012 to September 2013 data for the 13-county region the West Penn Multi-List serves shows:

  • New listings increased 6.66 percent (2,866 homes versus 3,057);
  • Residential homes placed under agreement increased 22.06 percent (2,793 homes versus 3,409);
  • Average home sale price increased 2.04 percent ($167,295 to $170,704); and
  • Average days on market decreased 6.25 percent (80 versus 75 days).

"Even though mortgage rates are on the uptick, we continue to see home sales significantly outpacing homes listed for sale," Hackett said. "And since housing inventory is tight in our region, homes are selling more quickly."

When comparing January – September 2012 data with the same time period in 2013:

  • New listings increased 2.97 percent (29,764 homes versus 30,649);
  • Residential homes placed under agreement increased 9.28 percent (28,742 homes versus 31,409);
  • Home sale price increased 2.53 percent ($167,412 to $171,640); and
  • Average days on market decreased 8.42 percent (95 versus 87 days).

"Anyone who is interested in buying or selling a home should consider talking with a real estate agent soon," Hackett said. "It's a good time to buy or sell in Southwestern Pennsylvania."

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 O'Toole

SOURCE West Penn Multi-List, Inc.