Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
January Market Report
December 2023 vs December 2022
these number are so fresh & will adjust some
Average Sold Price +5%
Number of Homes Sold down 12% by 274
Average Days On Market the Same at 47 Days
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - This year has been different, the average sales price is increasing every month with an overall upward trajectory. All with less homes selling every month. Is this good or is this bad? It depends on who you are and what you want to do.
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 1900+ reasons someone did do a real estate transaction in December 2023. 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 RESILENT, despite the financial un-certainty in the marketplace.
The rise in interest rates over the last 20+ months has been a blessing to some new homeowners and sidelined others. 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 247 new homes enter the market compared to 436 last month same time frame. Also, compare in the last 7 days, there have been 412 homes go under contract compared to 517 last month same time frame and 15% less 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.
