Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
October Market Report
September 2024 vs September 2023
these number are so fresh & will adjust some
Average Sold Price Up 6%
Number of Homes Sold Down 451
Average Days On Market Up 2 days to 42
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - September was lackluster in terms of numbers of homes selling, we are though continuing to see gains in the average price homes are bringing. By the stats 19% LESS homes sold this September than last year and 24% LESS homes sold than the past years of 2018 or 2019. Yet, on a further positive note, average home prices hit all time highs for September at $282,506. I am talking to home owners everyday that still plan to move this year. Most would-be home sellers I speak with are positive about their future real estate plans and are still making significant moves to be on the market over the next 3-6 months.
MARKETS ARE UP & MARKETS ARE DOWN - You can count on one thing, markets will change. It does make sense though with less homes on the market that prices would remain strong, its the law of supply and demand. There are never ending reasons to NOT buy or sell a home. Then there were 1910+ reasons someone made a real estate transaction in September. It is debatable if the overall economy is healthy or not, or What’s the Impact of Presidential Elections on the Housing Market? however something you can say about the real estate market, is that it is remaining RESILENT. I can’t really speak to whether it was a hard or soft landing in the overall landscape of the economy.
The drop in interest rates has not really made any significant impact for real estate market overall yet. Though some buyers are definitely probably smiling a little more now that there monthly payment would have come down some. Other parts of the country are experiencing bigger market swings compared to the Greater Pittsburgh Area. Our housing has always been more affordable than most major cities. This could shift into a buyers market a little bit as we get into late fall & early winter for some neighborhoods.
Sellers - Now is a great time to test higher prices if you are wheeling and able to do some good haggling. The buyers are negotiating price down alittle over 2% on average. Multiple offers is still the holy grail of more money and is very attainable with the right pricing strategy. Homes that are floundering on the market are typically not priced correctly. The buyers in the market are super savvy and know now is the best time to get bargain before prices start to inflate even further. Sometime buyers are turned off by homes that have been on the market for weeks let alone a couple months, and that is where they are looking for a bargain from.
Buyers - You still have to be extremely aggressive in most neighborhoods, a pre-approval is a must and you must come in with a strong offer right off the get go or the sellers may just dismiss your offer. The over asking price offers is happening in parts of town but not that prevalent. Home inspections are common still in many cases and interest rates are in a favorable place for you. We are in sweet spot in the market for buyers, prices aren’t as crazy and rates are a little better than the last 18-24 months.
Market Indicator - In the last 7 days we have had 615 new homes enter the market compared to 561 last month same time frame. Also, compare in the last 7 days, there have been 695 homes go under contract compared to 729 last month and about 3.5% less homes have gone pending compared to same time last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
