Southwestern Pennsylvania Home Buyers: Act Now

PR Newswire

PITTSBURGH, June 12, 2014 /PRNewswire/ -- Those looking to buy a home in southwestern Pennsylvania should act now as sale prices are beginning to increase, according to the May 2014 residential real estate report from the West Penn Multi-List, Inc.

"With the low interest rate on mortgages and the decreasing number of days houses are on the market, you should move quickly if you're contemplating buying a home," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "We are still in need of new listings for buyers, but if you see something you like, you should pursue it while it's still available and priced appropriately."

A comparison of May 2013 to May 2014 data shows:

  • New listings increased 1.16 percent (4,145 homes in May 2013 versus 4,193 in May 2014);
  • Residential homes placed under agreement increased 5.09 percent (4,024 homes in May 2013 versus 4,229 in May 2014);
  • Average sale price increased 2.4 percent ($170,776 in May 2013 versus $174,882 in May 2014); and
  • Average number of days on the market decreased 1.10 percent (91 days in May 2013 versus 90 days in May 2014).

"All major indicators have increased in May, so I am hopeful summer will bring additional homes for sale," Hackett continued. "Having more houses on the market will not only afford home-seekers more options, but also potentially lower the average sale price."

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

  • New listings decreased 3.25 percent (16,506 homes versus 15,970);
  • Residential homes placed under agreement decreased 1.08 percent (16,604 homes versus 16,425);
  • Average days on the market decreased 3.06 percent (98 versus 95 days); and
  • Average home sale price increased 1.24 percent ($161,502 to $163,512).

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

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