Demand for Homes in Region Outpaces Supply

PITTSBURGH, April 12, 2018 /PRNewswire/ -- Home sales and new listings dipped in March, according to West Penn Multi-List, Inc. and its monthly residential real estate report, but sales volume and average sale price have risen compared to last year at this time.

"The winter-like weather we experienced in March could play a factor in the drop in closed sales and new listings," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "A lot of homeowners prefer to wait to list their home for sale until snow is no longer falling, so let's hope we've seen the last of the snow for this spring."

When comparing January-March 2018 with the same time period in 2017:

• Closed sales are down 1.42 percent (5,200 units in 2018 versus 5,275 in 2017);
• Closed sales volume is up 7.17 percent ($944,325,200 in 2018 versus $881,183,475 in 2017);
• Average sale price is up 8.71 percent ($181,601 in 2018 versus $167,049 in 2017); and
• Home listings are down 10.37 percent (8,371 units in 2018 versus 9,340 in 2017).

"The demand for homes is outpacing the supply," said Hackett. "Buyers need to make offers promptly because homes are moving off the market quickly."

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
[email protected]
904-451-2644

Kristen Laney O'Toole
[email protected]  
412-327-2907

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com