Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
December Market Report
November 2022 vs November 2021
these number are so fresh & will adjust some
Average Sold Price +2%
Number of Homes Sold -821
Average Days On Market the Same at 43 Days
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
The Current Situation - HELLO - The rise in interest rates is obviously making its effect on the market OR IS IT? There are more homes available, less homes selling however the average sales price has held strong thus far. The increasing interest rates are intended to slow the markets down, I understand that more rate hikes are coming by the Feds. Other parts of the country are feeling it in a bigger way. Greater Pittsburgh Area due to our more affordable homes is still managing. We are seeing price reductions happen, buyers are making offers contingent on selling their home and seller assist has increased dramatically. This is shifting it into a buyers market for some. I understand this could last 6-18 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 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 very often. Home inspections are common still in many cases and interest rates are probably going up again in November & December which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 525 new homes enter the market compared to 707 last month same time frame. Also, compare in the last 7 days, there have been 608 homes go under contract. This is 20+% 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.
