Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 12%
Number of Homes Sold Decreased 4.5% in November 2024 compared to 2023. There were 91 less homes sold in November 2024. The average sold price did increase nearly 7% for November 2024 at 273k compared to November 2023 at 254k. There were 431 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 10 weeks of inventory available (we call this absorption rate), and has increased from 8 weeks a year ago. There are 105 more current pending home sales right now, compared to last year at this time according to the West Penn MLS and (this is a interesting stat) 63 less than 2022. To summarize…more homes for sale, more homes starting to sell, prices staying about or slightly above the inflation rate about 5-6% & more homes doing price reductions than anytime in the last 4-5 years.
If am going to predict the market over the next few months...
With the changes in the government there will be a increase of inventory and no softening of prices. 2025 is going to be GOOD! ;)
In the last 7 days 547 homes have gone under contract with buyers. While there were 426 new listings that entered the market.
There are 2,989 homes under contract preparing to close in the next 2-6 weeks compared to 3,425 homes under contract last month at this time and 2,884 in December 2023.
Demand is remaining fairly strong for 1)well marketed, 2)desirable & 3)effectively priced homes. Multiple-Offers over asking price is not happening all that much and waiving of home inspections is not happening to much either.
“December is nearly always a better month than November. There is still time to get yours sold this year. ”
