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I monitor 5 different counties: Allegheny, Beaver, Butler, Lawrence & Mercer to give you some broad strokes of insight. There’s a lot of different numbers to take into account when painting a statistical picture of our current real estate market.
I’m seeing that the average sales price in Beaver & Mercer counties are relatively the same as week prior – up just a touch at 2%. The biggest jump I’m seeing is in Allegheny County. The average sales price took a 25% jump from last week.
There’s a lot of trends that I’m seeing all along Western PA. In each county I’m evaluating, the median listing prices are increasing over last week. I find that the median price (rather than the average sales price) tends to be a better number to keep an eye on.
The actual number of total homes that sold is down in each of these counties varying from a 30 – 53% decrease. The sales price vs listing price ratio has dipped in each county as well – except in Lawrence County which is holding steady at 98%. That means if you’re looking in Lawrence County for an average $150,000 home, a reasonable offer is going to be around $147,000.
Available inventory in each of the counties is very quickly increasing, meaning that there’s more options for our buyers to look at & consider. However, Butler county – although still growing in inventory over all – isn’t seeing as big of a jump as the other counties. This is very likely due to the highly competitive Cranberry Township market. The properties in the Seneca Valley school district tug on this number a bit & is keeping it below the 120% + growth we are seeing elsewhere.
In short, there’s more & more options every day for buyers. Sellers have to put a little more effort getting the condition of their property up to par before listing, & they have to temper their listing prices to be more in line with the shifting market. However, those that do & those who hire a professional Realtor who can properly market their homes can expect a hefty dose of interest. Those are the sellers that are still sitting pretty with multiple interest.
I’m Always Here & Happy to Help!
Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com
www.HereAndHappyToHelp.com
