Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Increased 2% in February 2024 compared to 2023. There were 28 more homes sold in February 2024. However the average sold price increased over 10% for February 2024 at 253k compared to February 2023 at 225k. There were 349 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 is about the same as last month. There are 302 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 360 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! I had reported before that it seemed like we had hit a plateau of home values & appreciation. I am changing my forecasting at this time, prices have been hitting new highs over and over for last several months. This is a good thing for sellers and homeowners, however buyers have to keep reaching higher and higher to win multiple offer situations.
If I am going to predict the market over the next few months...
I believe this spring will be like the wild wild west homes will move very quickly at least into June. I said last month, prices will soften a little in January and February (that didn’t happen) 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 815 homes have gone under contract with buyers. While there were 515 new listings that entered the market.
There are 3,660 homes under contract preparing to close in the next 2-6 weeks compared to 3,180 homes under contract last month at this time and 3,358 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?"
