Residential Real Estate in Southwestern PA Boasts Strong Growth in 2014

PITTSBURGH, Jan. 12, 2015 /PRNewswire/ -- According to the year-end residential real estate report from the West Penn Multi-List, Inc., new home listings, contracts and sale price continued their upward trend in 2014.

"The Pittsburgh real estate market is poised for growth based on the steady progress we've seen in 2014," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "Having enough supply to meet the demand for houses was a pain point earlier in 2014, but now we've struck the right balance heading into 2015."

A comparison of December 2013 to December 2014 data shows:

• New listings increased 9.33 percent (1,544 homes in December 2013 versus 1,688 in December 2014);
• Residential homes placed under agreement increased 12.18 percent (2,209 homes in December 2013 versus 2,478 in December 2014);
• Average home sale price increased 11.98 percent ($158,935 in December 2013 versus $177,982 in December 2014); and
• Average number of days on the market decreased 4.94 percent (81 days in December 2013 versus 77 days in December 2014).

"With the loosening of credit and the market's stability, we're predicting 2015 will be a big year for homebuyers, specifically first-timers," said Hosack.

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

• New listings increased 1.52 percent (37,558 homes versus 38,128);
• Residential homes placed under agreement decreased 2.73 percent (39,019 homes versus 37,952);
• Average home sale price increased 3.02 percent ($168,384 to $173,477); and
• Average number of days on the market decreased 3.53 percent (85 versus 82 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. For more information, visit http://www.westpennmls.com/.

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

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com