Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
December Market Report
November 2024 vs November 2023
these number are so fresh & will adjust some
Average Sold Price Up 7%
Number of Homes Sold Down 119
Average Days On Market Up 2 days to 46
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - November was still off in terms of numbers of homes selling, we are continuing to see gains in the average price homes are bringing. By the stats 5% LESS homes sold this November than last year and 18% 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 November at $274,744. Since early November I have been talking to many home owners everyday that 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 1904+ reasons someone made a real estate transaction in November. It is debatable if the overall economy is healthy or not, one good thing, the election is behind us and I am confident the real estate market will respond favorably. Interesting to know, 7 out of the last 10 years more homes sold in December than November.
The changes in interest rates has not really made any significant impact for real estate market overall yet. This could shift into a buyers market a little bit as we get into winter for some neighborhoods.
Sellers - Now is an okay time to test higher prices if you are wheeling and able to do some good haggling. The buyers are negotiating price down alittle over 2.97% 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 343 new homes enter the market compared to 513 last month same time frame. Also, compare in the last 7 days, there have been 538 homes go under contract compared to 648 last month and about 4% more 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.
