Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 11%
Number of Homes Sold Decreased 2% in August 2024 compared to 2023. There were 64 less homes sold in August 2024. The average sold price did increase over 7% for August 2024 at 298k compared to August 2023 at 277k. There were 694 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 has increased slightly over last month. There are 420 less current pending home sales right now, compared to last year at this time according to the West Penn MLS and (this is a interesting stat) 1,117 less than 2022. That is when we started to see the changes really happening. This was after interest rates increased. 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 amending my forecasting at this time, with prices increasing 7% last month, I believe that is primarily remnants of inflation, prices will remain flat relatively speaking through Q4 2024 and most of Q1 2025 and then the market will go on fire Q2 & Q3. Inventory will continue to increase through this time.
If I am going to predict the market over the next few months...
This start of fall is Presidential Election Season and seems to slowing down the buyers some, See blog post “How Do Presidential Elections Impact the Housing Market?”. September/October will be slightly soft when it comes to how many homes sell, yet prices will stay 4-7% ahead of last year. We are not gonna see many multiple-offer situations. 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 724 homes have gone under contract with buyers. While there were 686 new listings that entered the market.
There are 3,548 homes under contract preparing to close in the next 2-6 weeks compared to 3,738 homes under contract last month at this time and 3,964 in September 2023.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price is not happening all that much and waiving of home inspections is not happening to much either.
Check out the blog post, "Are We Heading Into A Balanced Market"?”
