Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
October Market Report
September 2023 vs September 2022
these number are so fresh & will adjust some
Average Sold Price UP 4%
Number of Homes Sold DOWN 11% or 291
Average Days On Market Increased 3
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - This year has been different, the average sales price is fluctuating up and down every month. One thing is for sure less homes are selling. Is this good or is this bad? It depends on who you are and what you want to do.
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. The market is twisting and turning in a FORWARD direction in all areas. We now know the overall economy and the real estate market has some health or we could use the word RESILENT, despite the financial un-certainty in the marketplace.
The rise in interest rates made is splash in 2022 and is still make an impact in the mind of some would be buyers and sellers. The interest rate doesn't seem to be impacting the current buyers, they have gotten used to the overall housing environment. This market has opened up for some folks since we are seeing more contingent offers. Think about this, there are more homes available and less homes selling, yet is still primarily a sellers market. 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 as we get deeper into the fall/winter for some neighborhoods.
Sellers - Now is a better time to test higher prices jut not get to crazy. The old days of pricing really high and waiting for a buyer and haggling the price down is GONE. Multiple offers is the holy grail of more money and is still obtainable with the right pricing strategy. Homes that are floundering on the market are not priced correctly. The buyers in the market are super savvy and know an over-priced home when they see it. Many buyers are turned off by homes that have been on the market for weeks let alone a couple months, wondering what's wrong.
Buyers - You still have to be extremely aggressive in popular neighborhoods, a pre-approval is a must and you must come in with a strong offer right off the get go. The over asking price offers is not happening as often. Home inspections are common still in many cases and interest rates are probably going to fluctuate some July through September which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 669 new homes enter the market compared to 513 last month same time frame. Also, compare in the last 7 days, there have been 720 homes go under contract. This is 13% less homes gone pending same time frame last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
