Your Greater Pittsburgh Real Estate Market Report (May)
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Increased 7% in April 2024 compared to 2023. There were 166 more homes sold in April 2024. However the average sold price increased over 6% for April 2024 at 274k compared to April 2023 at 258k. There were 451 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 8 weeks of inventory available (we call this absorption rate), and is about the same as last month. There are 27 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 694 less than 2022. That is when we started to see the changes coming. This was before 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 spring has still been like the wild wild west, homes are moving very quickly and will at least into June. I said a couple months ago, prices would be soft a little in winter and early spring (that didn’t happen) and bounce very strong in March thru July. Prices are strong now. The election season can soften the late summer market and not do us any favors.
In the last 7 days 928 homes have gone under contract with buyers. While there were 651 new listings that entered the market.
There are 4,223 homes under contract preparing to close in the next 2-6 weeks compared to 3,908 homes under contract last month at this time and 4,250 in April 2023.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price and waiving of home inspections is not happening much.
Check out the blog post, "What’s Is Going on with Mortgage Rates?"
