July 4, 2023: MARKET TEMPERATURE:

My team & I belong to each multi-list along Western PA, so we have access to details in markets from Lake Erie all down to West Virginia. Here are the trends that we’re seeing right now in Allegheny, Beaver, Butler, Lawrence & Mercer counties.

Congratulations, Lawrence County… you’re the oddball area this week! All the other trends in the other counties are consistent with one another. You, however, are throwing the trends for a loop.

All across the board the average sales price of homes are up. Just this last week, Lawrence County experienced the largest jump with the average sales price increasing 31%. Coming in at a very distant second is Mercer County at only 9%. This could be because Lawrence County had the biggest drop in inventory. So, with fewer homes in this area, buyers are willing to pay a little more because of the lack of supply.

We talked before about the median listing price being the better number to look at when reflecting sales price. When looking at Lawrence County there, it’s still up, but only by 3%. This is an indication that there was a house or two that likely skewed the average. In Mercer, Beaver, Butler & Allegheny – we see double-digit increases in the median sales price ranging from 14 to 28%.

Here’s something I haven’t seen yet! I usually report that Mercer County has the most meager listing price versus selling price ratio. That’s NOT the case this week! It’s up 6%! In Mercer County, homes are selling for about 3% over asking price on average!

The rest of the areas I’m monitoring have all experienced a decrease in this ratio, & the average listing price vs selling price is under 100%. This means that, besides in Mercer County, buyers have been a little more successful in negotiating down off of the asking price, on average.

Are we finally seeing the beginning to the end of the seller’s market? Only time will tell!

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