Quarterly market analysis helps nudge the real estate story forward as markets across the country continue to improve and perform at peaks not seen in years. Southwestern PA maintains a healthy selling season for residential real estate, according to the Q2 2015 residential real estate report from West Penn Multi-List, Inc.
"Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "Metrics to watch this year are inventory, and the percentage of listing price received at sale, which has been hovering at 96 percent recently."
When comparing April-June 2015 (Q2) key metrics with the same time period in 2014:
- New listings increased 6.7 percent to 13,103;
- Closed sales increased 6.3 percent to 7,650;
- Inventory levels grew 3 percent to 18,684 units;
- Median sales price increased 5.4 percent to $147,500;
- Number of days on the market decreased 2.3 percent to 85 days; and
- Buyers felt empowered as months' supply of inventory was up 5.7 percent to 9.2 months.
A comparison of July 2014 and July 2015 data shows:
- New listings increased 6.52 percent (4,218 properties in July 2014 versus 4,512 in July 2015);
- Average listing price increased 29.78 percent ($191,000 in July 2014 versus $272,000 in July 2015);
- The total number of units that closed sale during the month increased 10.57 percent (2,607 in July 2014versus 2,915 in July 2015); and
- The sum of prices for all residential properties that closed during the month increased 11.93 percent ($484.2 million in July 2014 versus $549.8 million in July 2015).
Listing data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 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/.