Western Pa. Sees Low Inventory of Homes for Sale

PITTSBURGH, Feb. 13, 2018 /PRNewswire/ -- Home sales in Western Pa. continue to rise, but new listings in January were low, which is normal for this time of year, according to West Penn Multi-List, Inc. and its monthly residential real estate report. Most key indicators have risen compared to last year, including home sales, dollar volume and average sale price.   

"It's typical for homeowners to wait until spring to list their homes, but that's not always the best idea," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "With low supply, the demand for homes is high, so they are moving off the market quickly and selling for a good price."

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

• Closed sales are up 3.69 percent (1,603 units in 2018 versus 1,546 in 2017);
• Closed sales volume is up 9.58 percent ($294,690,711 in 2018 versus $268,918,970 in 2017);
• Average sale price is up 5.69 percent ($183,837 in 2018 versus $173,945 in 2017); and
• Home listings are down 11.03 percent (2,314 units in 2018 versus 2,601 in 2017).

"If you're thinking about listing your home, now would be a great time to move forward with those plans," said Hackett. "Buyers are motivated in the winter and there is less competition."

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