Your Greater Pittsburgh Real Estate Market Report (March Week 2 - 2023)
The West Penn MLS Active Listings Up 20% in February 2023
Number of Sales Down 20% in February 2023 compared to 2022. There are considerably less homes selling this year versus last year. It seems like prices are starting to come down in some neighborhoods and are down 3% on average. There were 331 price reductions in the last 7 days. 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 about the same as last month. There are 729 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, I'm 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 728 homes have gone under contract with buyers. While there were 399 new listings that entered the market.
There are 3,358 homes under contract preparing to close in the next 2-6 weeks compared to 2,979 homes under contract last month at this time and 4,020 in March 2022.
Demand will remain for well marketed, desirable & effectively priced homes.
Check out the blog post, "What You Should Know About Rising Mortgage Rates"
