Your Greater Pittsburgh Real Estate Market Report (Feb)
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Down 8% in January 2024 compared to 2023. There were considerably less homes sold in January 2024. However the average sold price increased over 5% for January 2024 at 245k compared to January 2023 at 231k. There were 380 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 8 weeks of inventory available (we call this absorption rate), and decreased a little since last month. There are 201 more 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 569 less than 2022. That is when we started to see the changes coming. This was before interest rates hiked. 2024 is here and its 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. I said last month prices will soften a little in January and Feburary and bounce very strong in March into July. Prices are strong now. The election season can soften the late summer market and not do us any favors.
In the last 7 days 792 homes have gone under contract with buyers. While there were 480 new listings that entered the market.
There are 3,180 homes under contract preparing to close in the next 2-6 weeks compared to 2,437 homes under contract last month at this time and 2,979 in February 2023.
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, "What’s Really Happening with Mortgage Rates?"
