Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Listings Increased 8%
Number of Home Sales Down 13% in September 2023 compared to 2022. There are considerably less homes selling this year versus last year. However the average sold price increased 3% for September 2023 at 265k compared to September 2022 at 256k. There were 633 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 6 weeks of inventory available (we call this absorption rate), and decreased a little since last month. There are 280 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is better than past months). It doesn't seem like this is going to change anytime soon. I've been mentioning the last several months there would be a re-boot of sorts in the real estate market, in the sense that people adjust and move on. This has happened in some sense, that people in the market are real buyers with a real need to purchase. This is no-where like a 2020, 2021 markets. It is feels like a 2016 or 2017 market there are homes selling, but you have to work for it, you have to want it, you have to put everything you got into it, or you will ultimately not be successful. It seems like we have possibly moved onto a plateau where there is not a lot of big movement happening.
If I am going to predict the market over the next few months...
I believe the fall will finish fair but behind from last year. Prices will remain good through the fall season, however the interest rates increase is not doing us any favors.
In the last 7 days 796 homes have gone under contract with buyers. While there were 650 new listings that entered the market.
There are 3,558 homes under contract preparing to close in the next 2-6 weeks compared to 3,751 homes under contract last month at this time and 3,838 in October 2022.
Demand will remain fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price and waiving of home inspections it happening less often.
Check out the blog post, "Reasons Your Home May Not Be Selling"
