Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Listings Up 8% In 4th Quarter 2022
Number of Sales Down 22% in 4th Quarter versus 2021. There was 9727 home sales in 4th Quarter 2021 vs 7513 in 4th Quarter 2022. Changes are here, interest rates are doing what they are supposed to do at 6%+, there are considerably less homes selling this year versus last year. It seems like prices are starting to come down in some neighborhoods 5-8%. There are price reductions happening over and over again. I'm looking at the current under contract and pending properties and there is NEARING 9 weeks of inventory available (we call this absorption rate), and is up slightly from last month. There are 2,879 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is a big number). I'd be shocked if this changes anytime soon. I do get the feeling there will be a re-boot of sorts, in the sense that people adjust and move on, saying the market is going to revive some over the next few months, not to 2020 or 2021 standards, but a NEW MARKET will arise more similar to 2017,2018 or 2019, which were really good in their time. This continued shifting in the real estate market will continue until the public becomes comfortable with this new normal or something new comes down the pipe.
If I am going to predict the market over the next few months...
We have over 2 months of inventory available and increasing. Prices will most likely level off and rise slightly in the Spring Season but be a short lived season.
In the last 7 days 533 homes have gone under contract with buyers. While there were 359 new listings that entered the market.
There are 2,495 homes under contract preparing to close in the next 2-6 weeks compared to 3,052 homes under contract last month at this time and 5,315 in January 2022.
Demand will remain for well marketed, desirable & effectively priced homes.
Check out the blog post, "The Ready to Sell? Today's Housing Supply Gives You Two Opportunities."
