Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
September Market Report
August 2024 vs August 2023
these number are so fresh & will adjust some
Average Sold Price Up 7%
Number of Homes Sold Down 115
Average Days On Market Up 2 days to 40
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - August was lackluster 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 August than last year, however 24% 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 August at $299,367. 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 still making significant moves to be on 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 2372+ reasons someone made a real estate transaction in August. It is debatable if the overall economy is healthy or not, or What’s the Impact of Presidential Elections on the Housing Market? however something you can say about the real estate market, is that it is remaining RESILENT. I can’t really speak to whether it will be a hard or soft landing in the overall landscape of the economy.
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 if you are wheeling and able to do some good haggling. The buyers are wanting negotiate price down about an extra 1% compared to last year. 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 not priced correctly. The buyers in the market are super savvy and know now is getting into the best time to get bargain before prices start to inflate even further. Many buyers are turned off by homes that have been on the market for weeks let alone a couple months, and that is where some of 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 will 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 are as crazy and rates are a little better than the last 18-24 months.
Market Indicator - In the last 7 days we have had 561 new homes enter the market compared to 623 last month same time frame. Also, compare in the last 7 days, there have been 729 homes go under contract compared to 759 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.
