Real Estate January 9, 2024

January 8, 2024: MARKET TEMPERATURE:

My team & I belong to each multi-list along Western PA. We look at 5 different statistical markers in 5 different counties. We’ll be tapping into specific details of Allegheny, Beaver, Butler, Lawrence & Mercer Counties.

Being privy to this info gives you pretty good insight as to how the balance of power sits right now between buyers & sellers.

The way I’m interpreting this surprising mix of stats we have today is pretty interesting.

For property pricing, overall, I’m seeing that the median list price of homes as well as the average sales prices are up. However, the counteraction to this is that average listing price vs. selling price ratio are down.
The relation of these 2 markers indicate that sellers are still possibly overpricing their homes a touch, but the buyers are in a better position to flex those negotiation muscles more than in recent past.
There’s additional good news for our buyers! Inventory is creeeeeeping up… In my last few reports, the backlog of homes is building. Buyers have more & more housing options to consider when they’re ready to house-hunt, & homes are just not turning over as quickly as we’ve seen.
It’s not all bad news for our sellers. Sellers don’t worry! Even those buyers are in a position to negotiate more aggressively, we’re still seeing relatively higher sales prices.

I’m Always Here & Happy to Help!

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