PITTSBURGH, April 24, 2017 /PRNewswire/ -- Today, West Penn Multi-List, Inc. released its Q1 residential real estate report, noting the housing market remains stable with all key indicators up from last year at this time.
"Pittsburgh consistently ranks in the top places to live and work in the U.S., with U.S. News and World Report ranking the city #11 in most affordable places to live in the U.S., " said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "The relatively low cost of living in our area is very attractive, especially to first-time buyers."
When comparing January-March 2017 with the same time period in 2016:
- Closed sales are up 4.25 percent (5,275 units in 2017 versus 5,060 in 2016);
- Closed sales volume is up 7.03 percent ($881,584,375 in 2017 versus $823,707,280 in 2016);
- Average sale price is up 2.66 percent ($167,125 in 2017 versus $162,788 in 2016); and
- New listings are up 2.20 percent (9,311 units in 2017 versus 9,111 in 2016).
"Affordable housing options, coupled with interest rates that have remained in a historically low range, make for a favorable real estate environment," said Croushore.
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.
CONTACT: Maegen Laney Noble
Kristen Laney O'Toole
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SOURCE West Penn Multi-List, Inc.