Your Greater Pittsburgh Real Estate Market Report (June 2023)
The West Penn MLS Active Listings Increased 10%
Number of Home Sales Down 15% in MAY 2023 compared to 2022. There are considerably less homes selling this year versus last year. The average sold price decreased 3% for May 2022 compared to May 2023 at 264k. There were 487 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is about 8 weeks of inventory available (we call this absorption rate), and has decreased over the last month. There are 671 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is better than past months). It doesn't seem like this is going to change anytime soon. I've been mentioning the last several months there would be re-boot of sorts in the real estate market, in the sense that people adjust and move on. I'm not saying the market is going to revive to 2020, 2021 standards but a NEW MARKET will arise more similar to 2017,2018 or 2019, which were really good in their time. It seems like we are possibly at that tipping point were momentum is building again. It will be interesting to see if this is entirely seasonal or this re-boot as I mention is happening.
If I am going to predict the market over the next few months...
I believe inventory will increase a little over the summer. Prices will continue to soften, unless the interest rates decline.
In the last 7 days 848 homes have gone under contract with buyers. While there were 616 new listings that entered the market.
There are 4,246 homes under contract preparing to close in the next 2-6 weeks compared to 4,250 homes under contract last month at this time and 4,917 in May 2022.
Demand will remain strong for well marketed, desirable & effectively priced homes. Multiple Offers over asking price and waiving of home inspections it happening right now.
Check out the blog post, "This Real Estate Market Is the Strongest of Our Lifetime"
