OCTOBER 23, 2024: MARKET TEMPERATURE

I’ve been using this analogy quite a bit lately. I want you to think of a bottle of Italian salad dressing. I’ve been in the business long enough to be able to predict with some accuracy where we can find water… where you can go in to find oil & where you’re going to pull some spices. Realtors who educate themselves on market trends are good with this, that’s the benefit of using a Realtor who is experienced.
Now, the hand of the market reaches out & gives that bottle a pretty good shake. Then, the hand of the interest rates gives it a jostle as well. We have many other hands grabbing at that salad dressing: the upcoming election, misinformation, new real estate laws, fluctuating inventory… all of these things are just turning that bottle this way & that.
Now, where we’re expecting to find oil – we’re getting water. When we want some spices & go into find those, we’re pulling oil. Everything is all shaken up & the real estate trends need some time to just settle for a bit for our level of predictability to be able to be where it was in the past.
With that in mind, 2 major statistics are jumping out at me as I’m looking at recent numbers. Even though a lot of real estate trends have been wonky lately, these are stats that have been consistent in the last several months:
1. Number of properties sold is down across the board. We’re seeing about a 50% decrease in sales in all of the counties I’m monitoring.
2. Number of months of inventory in each county has skyrocketed:
• Lawrence: 95% increase
• Mercer: 128% increase
• Butler: 166% increase
• Beaver: 202% increase
• Allegheny: 348% increase
Imagine there are a lot of homes for sale, and more are being listed every day. However, people are buying these homes more slowly. Basic supply & demand coming into play right here & now making some shifts in the foundation we’ve been standing on for the last several years.
One thing remains true: you can never underprice a house. I repeat for those of you in the back: YOU CAN NEVER UNDERPRICE A HOUSE! I have a video called “The Advice that I Gave my Own Family” that speaks to this very point. If you text me at 724 888 9020, & request the video I’d be happy to share it with you – I think you’ll find it very very helpful.
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