Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
January 2023 Market Report
December 2022 vs December 2021
these number are so fresh & will adjust some
Average Sold Price Down 1%
812 Less Homes Sold
Average Days On Market is Up 5
(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 has obviously made its effect on the market. There are more homes available and less homes selling, however the average sales price has primarily held strong thus far. The increased interest rates that are in the low 6% range are hoping to steady over the next few months, I understand the big rate hikes are most likely over. Other parts of the country have had bigger market swings, than the Greater Pittsburgh Area, due to our more affordable housing. We are seeing home prices come down slightly overall. Also both, buyers making offers contingent on selling their home and seller assist has increased dramatically. This is starting to shift it into a buyers market for some neighborhoods. 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 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 January thru March which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 386 new homes enter the market compared to 525 last month same time frame. Also, compare in the last 7 days, there have been 431 homes go under contract. This is 25% 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.
