PITTSBURGH, Sept. 25, 2019 /PRNewswire/ — Homes are selling, and the demand for new listings is increasing, according to West Penn Multi-List, Inc. and its monthly residential real estate report. Closed sales, sales volume and average sales price have increased, but home listings are down compared to the same period of January through August last year.
“The housing market is showing strong activity, but the number of homes for sale is dipping,” said Tom Hosack, current president of West Penn Multi-List, Inc., and president and CEO of Berkshire Hathaway HomeServices The Preferred Realty. “A low inventory of homes for sale is a national real estate trend, and in an affordable market like Pittsburgh, it could become more noticeable.”
When comparing January-August 2019 with the same time period in 2018:
- Closed sales are up 3.13 percent (20,394 units in 2019 versus 19,776 in 2018);
- Closed sales volume is up 7.76 percent ($4,077,596,754 in 2019 versus $3,784,058,496 in 2018);
- Average sales price is up 4.49 percent ($199,941 in 2019 versus $191,346 in 2018); and
- Home listings are down 13.95 percent (25,242 units in 2019 versus 29,333 in 2018).
“Bidding wars may start up again, and houses will continue to move off the market quickly,” said Hosack. “Serious buyers should start the process early and work with experienced real estate and financial professionals who can guide them through the home buying process.”
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
SOURCE West Penn Multi-List, Inc.