Spring Comes Early for Southwestern Pennsylvania Real Estate Market

PITTSBURGH, March 6, 2012 /PRNewswire/ -- According to the February residential real estate report from the West Penn Multi-List, Inc., two primary indicators -- homes under agreement and homes listed for sale -- improved significantly in February versus the same month last year.    

A comparison of February 2011 to February 2012 data for the 13-county region the West Penn Multi-List serves shows residential homes placed under agreement increased 34.34 percent (2,193 homes versus 2,946), while new listings were up 15.76 percent (2,373 homes versus 2,747). 

"We're enjoying somewhat of a spring awakening in the Southwestern Pennsylvania real estate market," said Ron Croushore, current president of the West Penn Multi-List, Inc. and president/owner of Prudential Preferred Realty in Pittsburgh. "We're starting to see significantly more homes listed for sale, which should indicate a busy spring and summer real estate season in our region." 

Unlike many other regions of the country that were saddled with too much inventory (homes for sale) Southwestern Pennsylvania actually had the opposite issue.  In some areas of our region, demand outpaced supply.  A balance of homes for sale and homes being purchased is the ideal situation for home buyers and sellers.    

"The Southwestern Pennsylvania real estate community is very pleased with where the housing market is heading, and those interested in buying or selling a home also should be encouraged," Croushore said. "The number of homes placed under agreement in February was one-third higher than it was during the same month last year. That's an impressive increase, and shows that people are taking advantage of the continued low interest rates and entering the housing market.  "

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

• Allegheny County:
  • 11.89 percent increase in new listings (1,278 homes versus 1,430)
  • 25.43 percent increase in homes placed under agreement (1,227 homes versus 1,539)

• Beaver County: 
  • 27.41 percent increase in new listings (135 homes versus 172)
  • 52.78 percent increase in homes placed under agreement (144 homes versus 220)

• Butler County:
  • 25.15 percent increase in new listings (171 homes versus 214)
  • 42.76 percent increase in homes placed under agreement (152 homes versus 217)

• Washington County:
  • 3.74 percent increase in new listings (187 versus 194)
  • 54.05 percent increase in homes placed under agreement (148 versus 228)

• Westmoreland County: 
  • 21.71 percent increase in new listings (281 homes versus 342)
  • 61 percent increase in homes placed under agreement (241 homes versus 388)

Average sale price for February 2012 was down 1.23 percent versus February 2011 ($142,533 versus $140,776). Yet, average sale price for the first two months of 2012 has increased by 1.88 percent over the first two months of 2011 ($143,961 versus $146,670). 

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.