Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
August Market Report
July 2024 vs July 2023
these number are so fresh & will adjust some
Average Sold Price +9%
Number of Homes Sold UP 161
Average Days On Market increased by 1 days to 39
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - July was productive, we are continuing to see gains in the overall activity in the market. By the stats 6% MORE homes sold this July than last year, however 15%+ LESS than past years of 2018 or 2019. Yet, on a further positive note, average home prices hit all time highs for July at $307,332. Additionally, I am talking to home owners everyday that still plan to move this year. Most would be home sellers I speak with are positive about their future real estate plans and are making significant moves to be in the market over the next 1-3 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 2543+ reasons someone did do a real estate transaction in July. It is debatable if the overall economy is healthy or not, or whether unemployment rates are near all-time lows however something you can say about the real estate market, is that it is remaining RESILENT. It does feel like the soft landing is happening in some areas.
The interest rate doesn't seem to be impacting the current buyers, they have gotten used to the overall housing environment. 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 into late summer and fall for some neighborhoods.
Sellers - Now is a great time to test higher prices. The buyers are not haggling the price down all that much on average negotiations are about 3/4% off the asking price. Multiple offers is the holy grail of more money and is very attainable 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 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 happening in parts of town. Home inspections are common still in many cases and interest rates are probably going to fluctuate some now through October which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 623 new homes enter the market compared to 694 last month same time frame. Also, compare in the last 7 days, there have been 759 homes go under contract compared to 836 last month and about 1% less 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.
