Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 11%
Number of Homes Sold Increased 3% in May 2024 compared to 2023. There were 78 more homes sold in May 2024. However the average sold price increased over 6% for May 2024 at 281k compared to May 2023 at 263k. There were 571 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 9 weeks of inventory available (we call this absorption rate), and is increased over a week since last month. There are 347 more current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is a interesting stat) and 324 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...
This spring moving into summer has been like the wild wild west, most homes are moving very quickly and will at least into July. I said a couple months ago, prices would be soft a little in winter and early spring (that didn’t happen) and bounce very strong in March thru 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 926 homes have gone under contract with buyers. While there were 674 new listings that entered the market.
There are 4,361 homes under contract preparing to close in the next 2-6 weeks compared to 4,223 homes under contract last month at this time and 4,246 in May 2023.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price is happening, however waiving of home inspections is not happening to much.
Check out the blog post, "What’s Is Going on with Mortgage Rates?"
