Southwestern Pennsylvania Real Estate Market Heats Up in March

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Apr 05, 2012, 09:52 ET

PITTSBURGH, April 5, 2012 /PRNewswire/ -- The number of homes placed under agreement and average home sale price in Southwestern Pennsylvania showed improvement in March 2012 versus the same month last year, according to West Penn Multi-List, Inc.

A comparison of March 2012 to March 2011 data for the 13-county region the West Penn Multi-List serves shows residential homes placed under agreement increased 20 percent (3,696 homes versus 3,080), while average home sale price increased 1.25 percent ($152,783 versus $150,890).

"In Southwestern Pennsylvania, average sale prices have been increasing modestly over the past two years," said Ron Croushore, current president of the West Penn Multi-List, Inc. and president/owner of Prudential Preferred Realty in Pittsburgh. "Our inventory of homes for sale is a bit low, but our sales are on the rise. Supply and demand conditions are ripe for healthy home sales through the spring and summer."

In fact, unlike many other regions of the country that were saddled with too much inventory (homes for sale), Southwestern Pennsylvania continues to have the opposite issue. The number of homes listed for sale decreased by 3.13 percent for March 2012 versus March 2011 (3,562 homes versus 3,677).

"Potential sellers can look at this data and conclude that this is a good time to be placing their homes on the market," Croushore said. "Contrary to popular opinion, sellers in Southwestern Pennsylvania are getting a fair price for their homes, and they're selling quickly, when they're priced correctly."

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.