New Home Listings: Will the Upward Trend Continue in Southwestern Pennsylvania?

PR Newswire

PITTSBURGH, Aug. 7, 2014 /PRNewswire/ -- The number of homes listed for sale in the Pittsburgh region has been increasing compared to last year at this time, but will this trend continue? According to the July 2014 residential real estate report from the West Penn Multi-List, Inc., this is the third consecutive month new listings have increased.

"From May through July we saw a rise in new listings, with June being a peak month for real estate, so we're hopeful this trend will continue," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "We are delighted more sellers are entering the market to help accommodate buyer demand."

A comparison of July 2013 to July 2014 data shows:

  • New listings increased 2.4 percent (3,784 homes in July 2013 versus 3,875 in July 2014);
  • Residential homes placed under agreement increased 4.78 percent (3,768 homes in July 2013 versus 3,948 in June 2014);
  • Average home sale price increased .83 percent ($186,037 in July 2013 versus $187,585 in July 2014); and
  • Average number of days on the market decreased 8.86 percent (79 days in July 2013 versus 72 days in July 2014).

"Homes are moving off the market very quickly," Hackett continued. "This is a step in the right direction for potential sellers."

When comparing January – July 2014 data with the same time period in 2013:

  • New listings decreased .25 percent (24,032 homes versus 23,973);
  • Residential homes placed under agreement decreased 1.87 percent (24,252 homes versus 23,799);
  • Average home sale price increased 1.15 percent ($170,636 to $172,598); and
  • Average number of days on the market decreased 3.30 percent (91 versus 88 days).

The numbers in this report 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.

CONTACT: Kristen Laney O'Toole
KLaney@laneycommunications.com
412-327-2907

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