Southwestern Pennsylvania Housing Market Starts Strong in 2012: Home Listings, Sales and Average Price Increase in January

PITTSBURGH, Feb. 3, 2012 /PRNewswire/ -- West Penn Multi-List, Inc. today announced its January 2012 residential real estate statistics.  According to the January report, the positive trend in the region's housing statistics continues, with Southwestern Pennsylvania posting increases in listings, sales and average price. 

A comparison of January 2012 to January 2011 data shows:

• Residential homes placed under agreement increased 25.59 percent (1,997 homes versus 2,508);
• New listings were up 7.74 percent (2,339 homes versus 2,520); and
• Average sale price increased 5.07 percent ($145,412 versus $152,782).

"All indicators are moving in the right direction," said Ron Croushore, current president of the West Penn Multi-List, Inc. and president/owner of Prudential Preferred Realty.  "For the first month of the new year, we've seen increases from last January in homes under agreement, new listings and average sale price, which is positive news for our region."

What's more, this positive trend is consistent across the region, with many areas posting double-digit increases. "We're very enthused by the January data, and of course, we hope this positive trend continues for the remainder of the year," Croushore said. "Continued low interest rates and January's Spring-like temperatures contributed to increased real estate activity."

Following is the county-specific data for January 2011 versus January 2012 for the five most populous counties in Southwestern Pennsylvania. 

• Allegheny County:
  • 10.76 percent increase in new listings (1,218 homes versus 1,349)
  • 19.03 percent increase in homes placed under agreement (1,067 homes versus 1,270)
  • 7.68 percent increase in average sale price ($145,693 versus $156,877)

• Beaver County: 
  • 30.60 percent increase in new listings (134 homes versus 175)
  • 24.43 percent increase in homes placed under agreement (131 homes versus 163)
  • 0.51 percent increase in average sale price ($120,054 versus $120,662)

• Butler County:
  • 1.88 percent decrease in new listings (160 homes versus 157)
  • 26.35 percent increase in homes placed under agreement (148 homes versus 187)
  • 8.11 percent increase in average sale price ($243,756 versus $263,522)

• Washington County:
  • 1.60 percent decrease in new listings (188 versus 185)
  • 43.48 percent increase in homes placed under agreement (161 versus 231)
  • 5.94 percent increase in average sale price ($150,784 versus $159,745)

• Westmoreland County: 
  • 1.31 percent increase in new listings (305 homes versus 309)
  • 38.14 percent increase in homes placed under agreement (236 homes versus 326)
  • 11.40 percent decrease in average sale price ($147,778 versus $130,926)

"With the inventory of homes for sale still low in Southwestern Pennsylvania, sellers should be extremely encouraged by this news," Croushore said. "With continued low interest rates and increasing consumer confidence, we hope to continue to see an active real estate market, where sellers are getting favorable prices for their homes."

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.

The West Penn Multi-List, Inc. is committed to providing the most innovative and cost-effective multiple-listing services to its broker subscribers. The West Penn Multi-List, Inc. provides state-of-the-art programs for the benefit of its brokers and their agents. These programs are offered to stay current with advancing technology and enhance the professionalism of the brokers and their agents, which results in unparalleled service to their customers. The West Penn Multi-List, Inc. strives to protect the integrity of the data while recognizing that the data is the exclusive property of the broker. For more information, visit www.westpennmls.com.

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

SOURCE West Penn Multi-List, Inc.