Your Greater Pittsburgh Real Estate Market Report - HOT OFF THE PRESS
March Market Report
February 2024 vs February 2023
these number are so fresh & will adjust some
Average Sold Price +10%
Number of Homes Sold Up 4
Average Days On Market decreased by 5 days to 62
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
HELLO - February was slow and productive at the same time. By the stats more homes sold then last year however still 19% off from 2022. Yet the homes that did sell sold for 10% 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 are 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 February. It is debatable if the overall economy is healthy or not, or whether unemployment rates are near all-time lows 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 539 new homes enter the market compared to 424 last month same time frame. Also, compare in the last 7 days, there have been 867 homes go under contract compared to 708 last month and 15% more homes have gone pending same time last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
