Southwestern Pennsylvania Real Estate Report Shows Most Favorable Climate for Home Sales in Four Years

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Apr 09, 2013, 10:00 ET

PITTSBURGH, April 9, 2013 /PRNewswire/ -- For Sale signs are appearing and disappearing quickly from front lawns all over Southwestern Pennsylvania. According to the March residential real estate report from the West Penn Multi-List, Inc., the market again strengthened for those selling their homes.

"March real estate sales came in and out like a lion in our region," said Barbara Kohl, chief operating officer of the West Penn Multi-List, Inc. "We're seeing an increasing number of homes sell more quickly and for a higher price than they did last year at this time. With an improving economy, new population growth and continued low interest rates, we expect the homes that are on the market will continue to sell quickly."

A comparison of March 2012 to March 2013 data for the 13-county region the West Penn Multi-List serves shows new listings decreased 8.53 percent (3,562 homes versus 3,258), and residential homes placed under agreement increased 10.45 percent (3,358 homes versus 3,709). For the same time period, average home sale price increased 3.40 percent ($152,467 to $157,644), and average days on market decreased 7.96 percent (113 versus 104 days).

When comparing first-quarter 2012 (January-March) data with the same time period in 2013, the data is trending the same way. New listings decreased 5.34 percent (8,827 homes versus 8,356), and residential homes placed under agreement increased 12.20 percent (8,249 homes versus 9,255). For the same time period, average home sale price increased 4.05 percent ($149,071 to $155,116), and average days on market decreased 8.18 percent (110 versus 101 days).

"When sales outpace listings like we're seeing in 2013, it means that buyers who are entering the market this spring will need to move quickly and offer an appropriate price on a home to increase the chance they get the home they want," Kohl said. "We definitely are hearing many stories of multiple-offer situations from our agents, who are helping to guide their clients through the home-buying and selling process."

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.