Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
January Market Report
December 2024 vs December 2023
these number are so fresh & will adjust some
Average Sold Price Up 9%
Number of Homes Sold Down 42
Average Days On Market Up 1 days to 49
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - December was still off in terms of numbers of homes selling, we are however continuing to see gains in the average price homes are bringing. By the stats 2% LESS homes sold this December than last but 4% LESS homes sold than even the past years of 2018 or 2019 (I use these years as more normal/precovid stats to compare). Yet, on a further positive note, average home prices hit all time highs for December at $282,399. Since early December 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 1960+ reasons someone made a real estate transaction in November. 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. Interesting to know, 7 out of the last 10 years more homes sold in December than November including this year and that makes 8 out of the last 11 years.
The changes in interest rates has not really made any significant impact for real estate market overall yet. This could shift into a buyers market a little bit in the short term as we are in the winter mareket.
Sellers - Now is an okay time to test higher prices if you are wheeling and able to do some good-old haggling. The buyers are negotiating price down alittle over 2.06% on average from 6 months ago. 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 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 are going fluctuate 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 219 new homes enter the market compared to 343 last month same time frame. Also, compare in the last 7 days, there have been 377 homes go under contract compared to 538 last month and about 8% 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.
