Weekly Market Report 10/5/2022
September Market Report
September 2021 vs September 2022
these number are so fresh & will adjust some
Average Sold Price UP 2%
474 Less Homes Sold
Average Days On Market Increased 4
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
The Current Situation - The rise in interest rates has finally made its effect on the market. This is the first time I can remember in quite some time that prices have dropped. Homes are selling however the average sells price is down 2% in September, also the average days on market increased to 37 days. The increasing interest rates are intended to slow the markets down, other parts of the country are feeling it in a big way. This is coming and happening more in the Greater Pittsburgh Area. We are seeing price reductions happen, buyers are making offers contingent on selling their home and seller assist has increase dramatically. This will shift it into a buyers market. I understand this could last through winter.
Sellers - Now is not a good time to test higher prices. 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 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 very often. Home inspections are common still in many cases and interest rates are probably going up again in November and could effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 636 new homes enter the market compared to 640 last month same time frame. Also, compare in the last 7 days, there have been 827 homes go under contract. This is 28% less homes going pending same time frame last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
