Southwestern Pa. Real Estate Market Sees Growth
PITTSBURGH -- The residential real estate market in the 13-county area of Southwestern Pennsylvania, which includes Mercer and Lawrence counties, posted an increase in homes placed under agreement during the month of March and a higher average sale price.
"While we saw a dip in most major indicators in February, March is looking a little more promising for the housing market overall," said George Hackett, president of the West Penn Multi-List and Coldwell Banker Real Estate Services here. "Homes are selling more quickly and for a higher average price because we have a decreasing number of homes for sale, so if homeowners are thinking about selling, now is the time to spring into action. We need more inventory to keep up with the demand in our region."
In addition to Mercer and Lawrence, counties included in the report are Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Somerset and Indiana.
Highlights of the March 2014 residential real estate report include:
- New listings decreased 6.06% (8,356 homes in March 2013 versus 7,850 homes last month.
- Residential homes placed under agreement increased 0.77% to 8.814 homes year-over-year.
- Average sale price increased 0.22% (from $155,261 to $155,599).
- Average number of days on the market decreased 3.96% (101 vs. 97) during the period.
- New listings increased 4.48% to 3,404 from January through March compared with the same period in 2013. New listings increased 4.48% to 3,404.
- Residential homes placed under agreement increased 11.34% to 3,760.
- Average days on market decreased from 104 to 102, and the average home sale price decreased 2.46% to $154,036.
Published by The Business Journal, Youngstown, Ohio.
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