The temperature in Western Pa. might be dropping, but the residential real estate market is heating up, according to the West Penn Multi-List, Inc. and its monthly residential real estate report.
"All major indicators are on the rise compared to last year at this time," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh. "The economy is strong and people are still active in the real estate market, so I expect autumn to be a busy season."
When comparing January-September 2016 with the same time period in 2015:
- Closed sales are up 2.25 percent (18,863 units in 2016 versus 18,448 in 2015);
- Closed sales volume is up 2.28 percent ($3,500,362,732 in 2016 versus $3,422,405,973 in 2015);
- Average sales price is up 2.38 percent ($180,843 in 2016 versus $176,645 in 2015); and
- New listings are up 1.15 percent (29,092 units in 2016 versus 28,761 in 2015).
"Now is still a good time to buy or sell a house, especially before the winter weather is upon us," Croushore said.
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 Westmorelandcounties. For more information, visit http://www.westpennmls.com/.
