Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Down 9% in December 2023 compared to 2022. There were considerably less homes sold in December 2023. However the average sold price increased over 5% for December 2023 at 256k compared to December 2022 at 243k. There were 425 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is about 9 weeks of inventory available (we call this absorption rate), and increased a little since last month. There are 58 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is getting better than past months) and 2878 less than 2022. That is a WILD number! I've mentioned in the past about being a re-boot of sorts in the real estate market. That has happened, this is an entirely different market altogther. There are always people living in the past of historically low interest rates, wishing and hoping. Those days are gone!! 2024 is here and its going to be a NEW REAL ESTATE MARKET stronger and better than ever for those that want to move in or out a new home. The good news, you have to work for it, you have to want it, you have to put everything you got into it, and you will ultimately be successful! It seems like we have possibly moved onto a plateau of value appreciation. This is a good thing for buyers and homeowners.
If I am going to predict the market over the next few months...
I believe the winter will be a touch lack-luster but probably more sales than 2023. Prices will soften a little in January and Feburary and bounce very strong in March into July. Then the elections season is can soften the late summer market and not do us any favors.
In the last 7 days 515 homes have gone under contract with buyers. While there were 393 new listings that entered the market.
There are 2,437 homes under contract preparing to close in the next 2-6 weeks compared to 2,884 homes under contract last month at this time and 2,495 in December 2022.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price and waiving of home inspections is not happening much.
Check out the blog post, "Experts Project Home Prices Will Rise Over the Next 5 Years"
