Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Increased 7% in July 2024 compared to 2023. There were 190 more homes sold in July 2024. The average sold price did increase over 9% for July 2024 at 306k compared to July 2023 at 278k. There were 627 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there are little over 9 weeks of inventory available (we call this absorption rate), and has increased slightly over last month. There are 226 less 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 289 less than 2022. That is when we started to see the changes coming. This was after 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 late summer/ early fall is Presidential Election Season and has yet to show what is going to happen See blog post “How Do Presidential Elections Impact the Housing Market?”. August can be quietly a busy month when it comes to how many homes sell, yet prices often start come down slightly from the spring time. We are seeing some multiple-offer situations in select areas. I do believe we will start to see the buyers back off slightly starting now through the November election. With that there will be a increase of inventory and soften of prices. 2025 is going to be GOOD! ;)
In the last 7 days 677 homes have gone under contract with buyers. While there were 664 new listings that entered the market.
There are 3,738 homes under contract preparing to close in the next 2-6 weeks compared to 4,191 homes under contract last month at this time and 4,027 in August 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, "Are There More Homes For Sale Where You Live?”
