Home sellers in Southwestern Pennsylvania may have more to cheer about this summer than just the Pittsburgh Pirates. According to the May 2014 residential real estate report from the West Penn Multi-List, Inc., the outlook for the Southwestern Pennsylvania home market is steadily increasing as demand continues to rise and inventory works to keep up.
The report advises consumers looking to purchase a home in Pittsburgh or the surrounding areas to take the plunge now while interest rates and prices are still relatively low.
"With the low interest rate on mortgages and the decreasing number of days houses are on the market, you should move quickly if you're contemplating buying a home," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "We are still in need of new listings for buyers, but if you see something you like, you should pursue it while it's still available and priced appropriately."
The report indicates that the major indicators of housing market growth all took a positive turn when compared with May of 2013. Among them, new listings 1.16 percent year-over year, with properties placed under contract increasing 5.09 percent from May 2013.
Average sales price increased as well, up 2.4 percent to $174,882 in May 2014. The average time that a home spends on the market decreased slightly, down 1.1 percent from 91 days in May 2013 versus 90 days in May 2014.
Hackett expressed hope that the positive indicators would lead to a stronger summer with more people putting their houses on the market. "Having more houses on the market will not only afford home-seekers more options, but also potentially lower the average sale price."