Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
July Market Report
June 2023 vs June 2022
these number are so fresh & will adjust some
Average Sold Price UP 5%
Number of Homes Sold DOWN 403
Average Days On Market Increased 8
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - The last several years all I have reported on was the increase of average sales price, all the glamour of how many homes have sold and for how much over asking price. The last several months have been different, the average sales price of homes has been in a decline. Not so in June.
THE MARKET IS RESILENT - Ok, I have to admit, I didn't see the June numbers coming. It does make sense though, due to the higher demand the Spring Market brings coupled with lower inventory, that prices would increase, at least for the spring season. It is obvious 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 we could use the word RESILENT, despite all the financial un-certainty in the marketplace.
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 appreciation up about 3% in 2nd quarter. Also both, buyers making offers with seller assist has increased some. 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 July through September which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 455 new homes enter the market compared to 627 last month same time frame. Also, compare in the last 7 days, there have been 720 homes go under contract. This is 15% 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.
