Real Estate February 20, 2024

February 19, 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.

Usually, I pick apart each county to highlight the local trends, but what I’m seeing this week is pretty unique. The counties I monitor are merging into a very streamlined formation.
This is all looking like better news for buyers. Inventory has substantially increased county-wide giving buyers more options. However, the sales price versus listing price ratio in most counties is hovering right at or above 0%. That means that buyers are able to get homes with offers right at asking price or a touch above the seller’s asking price. At this time last year, buyers, in general, needed to bring thousands (sometimes TENS of THOUSANDS) of dollars over asking even to have a chance at their offer being looked at.
It’s still a seller’s market, but the negotiating field is evening out.
The median list prices are up across the board ranging from a 2% increase in Lawrence County to a whopping 24% increase in Butler.
I’m also seeing that the average sales prices have experienced a pretty substantial jump which means that some of our higher-end inventory is getting moved.
Home owners, if you’re looking to list your home, DO NOT wait for that “spring” market. Get your property listed before the inventory shoots up any more. Higher inventory means more homes on the market & therefore more competition.
Buyers, DO NOT wait until those interest rates come down. As soon as they do, you’re going to be fist-fighting with all the other buyers who were also waiting. IF you are lucky enough to get an offer accepted on your dream home, what you save in your interest rate is just going to be piled onto what you’re going to pay on the sales price.

I’m Always Here & Happy to Help!

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