Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS (June 2023)
June Market Report
May 2023 vs May 2022
these number are so fresh & will adjust some
Average Sold Price Down 3%
Number of Homes Sold Down 440
Average Days On Market Increased by 8 day
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - For the last multiple of years all I have reported on was the increase in average sales price, all the glamour of how many homes have sold for so much over asking price. For much of the time there were multiple offers coming in on virtually every home.
Change is Here - I kind of thought to myself back during the November 2022 mid-term election that it will take about 6 months from then to experience the true economy, figuring there was a lot going on behind the scene to prop up the idea that things weren't changing at a large scale. It is more evident that the market is twisting and turning in a FORWARD direction in all areas. We now know the overall economy and the real estate market is fairly healthy or could use the word RESILENT, despite all the Government budget negotiation that went on the last several weeks.
The rise in interest rates has obviously made changes to the market conditions. We are seeing so many more cash offers, it makes alot more sense for folks to use their cash now instead of paying high interest rates. Think about this, there are more homes available and less homes selling, yet is still 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. We are seeing home prices come down slightly overall (3% this month). Also both, buyers making offers with seller assist has increased dramatically. This could start to shift into a buyers market as we get deeper into the summer for some neighborhoods. I understand this could last 12+ months.
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 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 May through August which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 627 new homes enter the market compared to 566 last month same time frame. Also, compare in the last 7 days, there have been 900 homes go under contract. This is 3% more 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.
