Residential Real Estate Springs Ahead in Western Pa.

PITTSBURGH, March 15, 2018 /PRNewswire/ -- With spring on the horizon, real estate professionals are gearing up for increased activity in the residential real estate market, but February continued to be a light month in terms of new listings. According to West Penn Multi-List, Inc. and its monthly residential real estate report, closed sales, sales volume and average sale price have risen compared to last year at this time.  

"Real estate is going to boom this spring," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Serious buyers should have their funds buttoned up ahead of time, so when a house comes on the market, they are ready to take action quickly."

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

• Closed sales are up 1.07 percent (3,018 units in 2018 versus 2,986 in 2017);
• Closed sales volume is up 9.55 percent ($542,452,302 in 2018 versus $495,180,324 in 2017);
• Average sale price is up 8.38 percent ($179,739 in 2018 versus $165,834 in 2017); and
• Home listings are down 11.03 percent (2,314 units in 2018 versus 2,601 in 2017).

"I don't think this trend of low inventory will continue for much longer, and new listings will begin to emerge," said Hackett. "Before listing a home, sellers should find a real estate agent who is knowledgeable about the market and able to assess the home's condition."

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