Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
February Market Report 2025
January 2024 vs January 2023
these number are so fresh & will adjust some
Average Sold Price Up 9%
Number of Homes Sold Down 61
Average Days On Market Up 5 days to 61
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - January seemed to start off kind of slower than expected in terms of numbers of homes selling, we had 1357 homes sold this January which was about 4% less than last year and 5% less than the 3 year average and 16% less than the 7 year average. Though, on a positive note, the average home price hit all time highs for January at $268,941. The last few weeks I have been talking to many home owners everyday that 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 3-6 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 1357+ reasons someone made a real estate transaction in January. It is debatable if the overall economy is healthy or not, one good thing, the election is behind us and I am confident the real estate market will respond favorably.
I am really curious to see if the interest rates start to loosen up in 2025. I believe the Feds have talked about a couple possible drops, however it remains to be seen if it will come to fruition.
Sellers - Now is an okay time to test higher prices, though I am big fan of being strategic in pricing, unless you are wheeling and able to do some good-old haggling. The buyers are negotiating price down alittle over 3.02% on average over the last 90 days. Multiple offers is still the holy grail of a higher sales price and is very attainable with the right pricing strategy. You still need to know how to obtain multiple offers and what is the best way to negotiate when you have it. Homes that are floundering on the market are typically not priced correctly. The buyers in the market are super savvy and know now is the best time to get bargain before prices start to inflate even further. Sometime buyers are turned off by homes that have been on the market for weeks let alone a couple months, and that is 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 may just dismiss your offer. The over asking price offers is happening in parts of town but not that prevalent. Home inspections are common in many cases and interest rates don’t seem like they are going down for the next few months. We are in tough spot for buyers, prices are high, rates are volatile and inventory is low.
Market Indicator - In the last 7 days we have had 443 new homes enter the market compared to 219 last month same time frame. Also, compare in the last 7 days, there have been 624 homes go under contract compared to 377 last month and about 12% 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.
