Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Listings Increased 16% In APRIL 2023
Number of Home Sales Down 21% in April 2023 compared to 2022. There are considerably less homes selling this year versus last year. The average sold price remained the same for April 2022 compared to April 2023 at 259k. There were 350 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 667 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...
We have around 2 months of inventory available and slightly decreasing. Prices will most likely level off or rise slightly through this Spring Season but be a short lived season.
In the last 7 days 889 homes have gone under contract with buyers. While there were 513 new listings that entered the market.
There are 4,250 homes under contract preparing to close in the next 2-6 weeks compared to 3,749 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, "Why Today's Housing Market Is Not About To Crash"
