JUNE 18, 2024: MARKET TEMPERATURE

Our team operates across more than just one Multi-List. We analyze several distinct statistical markers across five different counties spanning Western PA: Allegheny, Beaver, Butler, Lawrence & Mercer.
As I’m looking at the recent reports, I see that Beaver County is holding steady with their median list price. In every other area, however, these prices have consistently increased. Although the median list prices have increased, the number of properties sold have been down across the board.
Buyers are not afraid of paying a little more to get exactly what they’re looking for in their new homes. With less competition, serious buyers now have the luxury to take a little more time to make these decisions. Everything that I’m seeing indicates that the insane seller’s market is over.
The factor that’s throwing around the most weight is inventory. As I’ve been reporting, inventory has been positively trending now for the last 6 months. With less homes being sold; inventory is building up. Let’s look at each county individually here:
• Lawrence County: up 58%
• Allegheny County: up 85%
• Butler County: up 158%
• Beaver County: up 178%
• Mercer County: up 246%
Buyers – you have more options & can take a bit of time to find what you’re looking for. Gone are the days of seeing a home for 10 minutes & having to put in a quick offer grossly above asking price & competing against a slew of other buyers. With that said… there are some homes that are still getting multiple offers but that’s happening for our savvy sellers who are pricing their homes very competitively.
Sellers – let’s talk a bit about how this plays into a pricing strategy. It comes down to good old-fashioned supply & demand. Supply is increasing, so you need to react accordingly! You no longer have the upper hand!
It’s emotionally difficult to fight against the outdated mindset. When sellers underestimate the competition, they overprice their homes. This is what’s attributing to the longer time on the market & more frequent price reductions needed to get to the closing table.
To get ahead of the curve, let’s keep the “Rule of 10” in mind. If your home has been on the market for 10 days OR you’ve had 10 showings & you haven’t received an offer… your home is not priced appropriately. Pivot quickly!
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