Will Supply Come on the Heels of Demand for Southwestern Pennsylvania Real Estate?
PITTSBURGH, May 14, 2014 /PRNewswire/ -- The law of supply and demand has taken effect for the housing market in southwestern Pennsylvania, according to the April 2014 residential real estate report from the West Penn Multi-List, Inc.
"We have the demand, but not the supply," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "The market is ripe for sellers right now. Homes are selling rapidly and the average price is on the rise because we have a decreasing number of homes for sale."
A comparison of April 2014 to April 2013 data shows:
- New listings decreased 1.87 percent (4,005 homes in April 2013 versus 3,930 in April 2014);
- Residential homes placed under agreement increased 4.64 percent (3,833 homes in April 2013 versus 4,011 in April 2014);
- Average sale price increased 1.61 percent ($164,229 in April 2013 versus $166,870 in April 2014); and
- Average number of days on the market decreased 3.03 percent (99 days in April 2013 versus 96 days in April 2014).
"In preparation for what we anticipate being a busy summer, we need more properties for sale in our region to meet the demand," Hackett continued. "To take advantage of a competitive market, it's important to engage a professional real estate agent soon."
When comparing January – April 2014 data with the same time period in 2013:
- New listings decreased 4.72 percent (12,361 homes versus 11,777);
- Residential homes placed under agreement decreased .45 percent (12,580 homes versus 12,523);
- Average days on the market decreased 3 percent (100 versus 97 days); and
- Average home sale price increased .66 percent ($158,126 to $159,165).
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.
CONTACT: Kristen Laney O'Toole
[email protected]
412-327-2907
SOURCE West Penn Multi-List, Inc.
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