PITTSBURGH, Feb. 10, 2014 /PRNewswire/ -- Housing inventory is being depleted more quickly than it is being replenished in southwestern Pennsylvania, according to the January 2014 residential real estate report from the West Penn Multi-List, Inc.
"We have the buyers, but where are the sellers?" asked George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "The market is very favorable for sellers right now. Homes are selling more quickly and for a higher average price because we have a decreasing number of homes for sale."
In January, new listings decreased in 12 of the 13 counties the West Penn Multi-List, Inc. serves. "The lack of housing inventory cuts across our region," Hackett said.
A comparison of January 2014 to January 2013 data shows:
- New listings decreased 13.09 percent (2,543 homes in January 2013 versus 2,210 in January 2014);
- Residential homes placed under agreement increased 5.34 percent (2,529 homes versus 2,664);
- Average sale price increased 4.16 percent ($156,842 versus $163,360); and
- Average number of days on market decreased 7.22 percent (97 days to 90 days).
"In preparation for what we anticipate being a busy spring, we need more properties for sale in our region," Hackett continued. "To take advantage of a competitive market, it's important to engage a professional real estate agent soon."
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
- Real Estate
- Selling Real Estate