Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS 4/5/2023
April Market Report
March 2023 vs March 2022
these number are so fresh & will adjust some
Average Sold Price Down Over 3%
277 Less Homes Sold
Average Days On Market is Up 10
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - For the last multiple of years all I have reported on was the increase in average sales price, all the glamour of how many homes have sold for so much over asking price. For much of the time there were multiple offers coming in on virtually every home.
Change is Here - I kind of thought to myself back during the November 2022 mid-term election that it will take about 6 months from then to experience the true economy, figuring there was a lot going on behind the scene to prop up the idea that things weren't changing at a large scale. It is more evident that the market is twisting and turning in a downward direction in most all areas. We have a few months yet till we really know what is going on in the overall economy and the real estate market. I do want to say, sometimes what's going on in the economy doesn't really matter when it comes down to helping someone on a personal level and the sale of their home. Because we represent the home owner, our client, their needs, their interests, their goals and their concerns to create a favorable outcome for them.
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 not plummeted yet, but just holding is kind of like going backwards. The increased interest rates are in the high 5% range are hoping to steady over the next few months. 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. We are seeing home prices come down slightly overall (3% this month). 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 March through June which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 525 new homes enter the market compared to 397 last month same time frame. Also, compare in the last 7 days, there have been 786 homes go under contract. This is 24% 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.
