April 23, 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 watch Allegheny, Beaver, Butler, Lawrence & Mercer counties.

For the last few months, I’ve been warning our listeners that the market is shifting.

That’s right. Sellers, you’re not going to be all too happy to know that my warnings have now actually come to fruition. The shift is happening now. If we peek in on the number of properties sold as well as the backlog of inventory in each county, these are great indicators of the supply & demand in our housing market.

The housing market has been in short supply for quite some time, but inventory is up – WAY up – all across the board. Lawrence County is fairing the best with an increase of “only” 98%. Man, Beaver currently has almost a 2-year backlog of homes & is reaching towards a 200% increase in inventory.

Across the board, I’m seeing a decrease in the number of properties sold. Lawrence County has been the least affected – down only 26%. However, Mercer, Allegheny, Beaver, & Butler are all experiencing a slowdown with about 50% less properties being sold.

All in all, homes are selling more slowly, & the increase in inventory is creating a lot more competition for sellers.

Buyers – this is great news for you. You’ve been waiting for this! Although there are still properties that are getting multiple offers, you can now take a little breath before rushing into an offer & there are a lot more homes available for you to consider.

Sellers – You can STILL get multiple offers. Each of the Heffern kids have a suggestion for you:
1. Don’t over-improve your home. Get it on the market sooner rather than later.
2. Declutter & a little staging goes a long way.
3. Set your price a little under market value.

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