Residential Real Estate Prepares for Busy Season

News provided by

West Penn Multi-List, Inc.

Mar 27, 2019, 07:00 ET

PITTSBURGH, March 27, 2019 /PRNewswire/ -- Residential real estate marches forward, and the market is primed for its upcoming active season. Closed sales, sales volume and home listings have risen compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report.

"Spring is typically a busy season for residential real estate, and we expect increased activity," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Competition will heat up, so it makes sense for homebuyers to meet with real estate and mortgage professionals now and have their financing in place."

When comparing January-February 2019 with the same time period in 2018:

  • Closed sales are up 4.57 percent (3,275 units in 2019 versus 3,132 in 2018);
  • Closed sales volume is up 3.70 percent ($583,539,500 in 2019 versus $562,691,988 in 2018);
  • Average sale price is down 0.82 percent ($178,180 in 2019 versus $179,659 in 2018); and
  • Home listings are up 4.24 percent (5,069 units in 2019 versus 4,863 in 2018).

"The number of new listings entering the marketplace is up from last year, and the average sale price of homes has not increased," said Hackett. "This makes for a favorable environment for potential homebuyers."

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

Jennifer Faines
[email protected] 
412.559.2860

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com

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