Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
February Market Report
January 2024 vs January 2023
these number are so fresh & will adjust some
Average Sold Price +6%
Number of Homes Sold down 8% by 127
Average Days On Market increased by 2 days to 56
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - January was slow and productive at the same time. By the stats even less homes have sold then last year and last year was way off. Yet the homes that did sell sold for 6% more than last year. (so yes productive). Another productive is, there seems to be more stirring and more home owners talking about moving this year than last. Most people I speak with more positive about their future real estate plans.
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 1400+ reasons someone did do a real estate transaction in January. It is debatable if the overall economy is healthy or not, 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 at this time.
The rise in interest rates over the last 21+ months has been halted for the foreseeable future per the fed leaders. 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 deeper into the winter for some neighborhoods.
Sellers - Now is not a great time to test higher prices. The old days of pricing really high and waiting for a buyer and haggling the price down is GONE and is not a great strategy. 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 424 new homes enter the market compared to 247 last month same time frame. Also, compare in the last 7 days, there have been 708 homes go under contract compared to 412 last month same time frame and 32% more(WOAH) homes gone pending same time frame last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
