Real Estate September 6, 2023

September 5, 2023: MARKET TEMPERATURE

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

Okay, Mercer County is typically the ONE place that does things a little differently than the other counties on my radar. However, this week, they aren’t alone! When it comes to average sales price, Beaver, Butler & Lawrence counties have all experienced an increase. Mercer county, however, AS WELL AS surprisingly Allegheny County have had a decrease in this average: 24% & 12% respectively.

If you want to know if the buyers or the sellers have the upper hand in negotiating, we’re going to look at my favorite number. We’ve talked about this before, & the ratio between the listing price & selling price is what you need to focus on. Looking specifically at this data answers that very important question.

At this very moment, buyers are getting homes lower than the asking price! Well… it’s still very close to the asking price, but we’re seeing that they’re able to negotiate just a little, tiny bit, wee more. We’re seeing a very miniscule amount of sales price negotiating success in Butler County – on average, homes are selling for 99.9% of the asking price (I told you that it was still close to the asking price.) Buyers in Mercer County are getting properties for a little over 85% of the asking price there.

If you’re looking for a steal on a home, gravitate away from Cranberry Township & more towards Grove City.

In general, the market has slowed a touch. I know this because the number of homes sold in each county is down from prior week. This could be because of the time of year. We typically see a temporary dip in house hunting when school starts up.

Adding to this is a rise in inventory across the board. We have more homes coming on the market… less homes being sold, so this means that inventory is evening out a touch… for the moment. We’ll see if this continues.

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker